Belite Bio Clears Biopharma IPO Drought, with HilleVax and Tenon Medical Close Behind

Belite Bio, a San Diego, California-based biopharma targeting retinal disorders, has made its Nasdaq debut, raking in $36 million via the offering of 6 million American Depository Shares priced at $6.00 per ADS share, midrange between $5.50 and $6.50. The public offering could increase if underwriters choose to purchase a further 900,000 ADSs offered by Belite at the IPO price. 

Taiwanese healthcare manufacturer Lin Bioscience International Ltd., a principal shareholder of Belite with a 77% stake, agreed to buy $15 million worth of ADSs in the IPO. 

Belite began trading on the Nasdaq Capital Market on April 29 under the ticker symbol “BLTE”, while the IPO will last until May 3. The Benchmark Company, LLC is acting as the sole book-running manager for the offering. 

Related article: Bio-Europe Spring: 2022 Europe Ophthalmic Medication Market Skyrockets

Developing Treatments for Retinal Disorders

Belite expects to use net proceeds from its IPO to fund the Phase 3 clinical trial of LBS-008 for Stargardt disease-1 (STGD1), a rare genetic eye condition where fatty tissue builds up on the retina, causing vision loss. 

The funds raised will also be used to advance clinical development of LBS-008 for dry age-related macular degeneration (AMD), working capital as well as other corporate purposes. 

First Few Biotech IPOs to Come in a While 

2022 has not been an easy year for biotechs given the recent ups and down in the global market. AN2 Therapeutics announced a public listing in March, one of the few to make the bid in two months. 

However, things are starting to change. At the start of May, Takeda’s spinout HilleVax debuted with $200 million to fund development for its norovirus vaccine candidate. Around the same time, medical device maker Tenon Medical went public with a $16 million IPO.

In other developments, Intrinsic Medicines in April filed for a $47 million IPO. The preclinical biopharma is developing treatments for irritable bowel syndrome.

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Joy Lin

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