Radiopharmaceutical firm Pentixapharm raises $22M through initial public stock offering
Germany-based radiopharmaceutical firm Pentixapharm has raised nearly $22 million (USD) through an initial public stock offering, the company announced Oct. 1.
The initial stock trading price was about $5.59, resulting in a market capitalization of almost $139 million, officials said. Founded in 2019, Pentixapharm is focused on developing products for the diagnosis and therapy of blood cancers and other indications not currently treated by radiopharmaceuticals.
The company is a spinoff from Eckert & Ziegler, one of the world’s largest providers of isotope technology for medical, scientific and industrial use. Pentixapharm believes it is “well positioned” for growth, now holding $21.8 million in gross proceeds from the IPO and another $20.3 million from a bond issuance.
“We are thrilled by the strong interest shown by investors and the media in our IPO,” Dr. Hakim Bouterfa, CEO of Pentixapharm Holding AG, said in a statement shared Oct. 3. “The listing provides us with the flexibility to finance our growth in stages and to continually attract new investors who want to share in Pentixapharm’s long-term success. Through partnerships with leading companies in the biopharma industry, we aim to expand both our technological and commercial reach.”
Pentixapharm made its debut on the Frankfort Stock Exchange on Thursday. The company said it will initially focus on further development of its lead pipeline candidates Y90-PentixaTher (a therapeutic agent for non-Hodgkin lymphomas) and Ga68-PentixaFor (a corresponding diagnostic PET imaging agent). It’s also eyeing other products to target cardiovascular, endocrine and inflammatory diseases. The company has already commenced clinical studies for the two compounds in Europe. Pentixapharm also is preparing a U.S.-centric, Phase 3 study with PentixaFor that will start in 2025.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.