Beast Finance has learned that the American biopharmaceutical company[Invea Therapeutics]has recently submitted a prospectus to the U.S. Securities and Exchange Commission (SEC) and applied for an IPO listing on Nasdaq. The stock code is (INAI). Invea Therapeutics plans to pass the Nasdaq IPO. Dak’s IPO raised US$75 million.
Invea Therapeutics, Inc., headquartered in Guilford, Connecticut, USA, is a biopharmaceutical company focused on developing drugs to treat various chronic inflammatory diseases, such as atopic dermatitis and chronic urticaria.
Beast Finance learned from Invea Therapeutics’ prospectus that the management of Invea Therapeutics is led by Dr. Krishnan Nandabalan, President, Chairman and CEO. He has been working for the company since its establishment in October 2021. Before that, he had is the founder of BioXcel, LLC.
The company’s lead drug candidate, INVA8001, for the treatment of atopic dermatitis, is licensed from Daiichi Sankyo Company.
The company is currently preparing to submit an IND application for this drug candidate for the treatment of moderate to severe atopic dermatitis and chronic urticaria.
Here’s what’s happening with Invea Therapeutics’ drug development pipeline:
As of December 31, 2022, Invea Therapeutics has received US$5.66 million in investment from investors including InveniAI LLC.
According to a 2022 market research report by Grand View Research, the global atopic dermatitis drug market size is estimated to be US$12.7 billion in 2021 and is expected to reach US$27.6 billion by 2030.
This represents a forecast CAGR (compound annual growth rate) of 9.0% for this industry from 2022 to 2030.
Key factors driving this expected growth are robust access to treatment options and the increasing prevalence of diagnosing the disease, driven in part by increased handwashing, which results in “people with atopic dermatitis having cracked and dry skin that is prone to infection.”
The figure below shows the historical and future forecast growth of the U.S. atopic dermatitis treatment market from 2020 to 2030:
Invea Therapeutics’ main competitors in this industry include:
(1) Pfizer (PFE)
(2) AbbVie (ABBV)
(3) Regeneron Pharmaceuticals (REGN)
(4) Sanofi (SNY)
(6) Novartis Pharmaceuticals (NVS)
According to the IPO prospectus, Beast Finance summarizes the financial performance of Invea Therapeutics as follows:
Because Invea Therapeutics currently has no revenue and high losses, Invea Therapeutics is a typical pre-clinical stage biopharmaceutical company. Here are Invea Therapeutics’ financial results for the past two calendar years:
As of December 31, 2022, Invea Therapeutics had $588,000 in cash and $2.9 million in total liabilities.
According to the IPO prospectus, Beast Finance compiled the IPO situation of Invea Therapeutics as follows:
(1) Invea Therapeutics plans to raise US$75 million through this Nasdaq IPO listing.
(2) No existing shareholders have expressed interest in purchasing Invea Therapeutics shares at the IPO price.
(3) Regarding pending legal proceedings, management stated that to our knowledge, no third party has filed legal proceedings against the company so far.
(4) The market opportunity for the treatment of atopic dermatitis is large and expected to grow rapidly in the next few years, but the company also faces fierce competition from large industry players.
(5) Management did not disclose the company’s collaboration agreements or academic research relationships with any major pharmaceutical companies.
(6) The company’s existing investors do not include any well-known life science venture capital institutions.
Beast Finance inquired about Invea Therapeutics’ IPO prospectus and learned that BofA Securities, Citigroup (C), trust Securities, and ThinkEquity are the bookrunners for Invea Therapeutics’ Nasdaq IPO listing.
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