Talis makes medical tests, while Decibel and NexImmune are biotechs.
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A trio of healthcare companies are closing out the week’s action in the IPO market. Talis Biomedical, Decibel Therapeutics, and NexImmune are making their debuts.
All three companies increased the size of their initial public offerings and priced their stock at the high end of the ranges they had told investors to expect. And all three will open for trading on the Nasdaq Stock Market. Decibel and NexImmune are biotechs, while Talis develops diagnostic tests.
Talis is the biggest deal of the three. Late Thursday, the Menlo Park, Calif. company raised nearly $221 million after selling 13.8 million shares at $16 each. It initially filed to sell 10 million shares at $14 to $16 each, which it increased on Feb. 11 to 11.5 million shares. Talis is expected to trade under the ticker TLIS.
J.P. Morgan, BofA Securities and Piper Sandler & Co. are underwriters on the deal.
Talis provides diagnostic testing products for Covid-19 and other diseases. Its Talis One platform tests for respiratory problems, women’s health issues, and sexually transmitted infections. In January, Talis submitted an emergency-use authorization to the Food and Drug Administration for its coronavirus test.
Losses for Talis widened to nearly $47 million for the nine months ended Sept. 30 from roughly $20 million for the same period in 2019, the prospectus for the deal said. Grant revenue more than tripled to $10.7 million for the nine months ended Sept. 30 from $2.5 million for the comparable period in 2019. It had 133 full-time employees.
Decibel Therapeutics raised $127.1 million after selling 7,062,000 shares at $18 each. This is up from the 5.9 million shares at $16 to $18 that it had planned to sell. The company is expected to trade under the symbol DBTX.
Citigroup, SVB Leerink, BMO Capital Markets and Barclays are underwriters on the deal.
Decibel is developing treatments for hearing and balance disorders. The Boston company is looking to restore and improve functional hair cells and nonsensory support cells within the inner ear. The FDA has granted fast-track designation to its product candidate, DB-020, which looks to prevent hearing loss.
Like most biotechs, Decibel is not profitable. Losses narrowed to $26.5 million for the nine months ended Sept. 30 compared with $36.5 million for that period in 2019, its prospectus said. It does not generate any revenue. It has 37 full-time employees.
Neximmune collected $110 million after selling 6,471,000 shares at $17 each. Neximmune initially filed to sell 4,687,500 shares at $15 to $17 each, which it boosted to 5,882,500 shares on Thursday. Neximmune plans to trade under the symbol NEXI.
Barclays Capital, Cantor Fitzgerald, Raymond James & Associates and Allen & Company are underwriters on the deal.
Neximmune is developing T-cell therapies to treat cancer and other life-threatening immune-mediated diseases. The company has two product candidates in human trials: NEXI-001 which treats acute myeloid leukemia, and NEXI-002, for multiple myeloma.
Losses for Neximmune widened to $21.9 million for the nine months ended Sept. 30 from $15.4 million a year earlier, its prospectus said. It has not generated any revenue from product sales. It has 45 full-time employees.
Write to Luisa Beltran at [email protected]
