HBM gains on IPO of investee Aptinyx
HBM Healthcare (HBMN) should be able to see a ~CHF15m gain in NAV, following the IPO of investee company Aptinyx on Nasdaq earlier this week and the 40% rise in its stock price since. Aptinyx (Nasdaq: APTX) raised gross proceeds of $118m from the sale of 7.4m shares at $16.00/share in the IPO and has seen its stock rise to 22.40/share, to give it a market capitalisation of $728m. HBM held an investment of 0.92m shares in Aptinyx, equivalent to 0.5% of its NAV prior to the IPO.
Aptinyx was formed as a pin off from another biotech Naurex IN 2015, prior to that company’s acquisition by Allergan. From inception to 31 March, the company raised $135m in equity, of which $82m remained. The company is developing three product candidates:
- NYX-2925 for diabetic peripheral neuropathy and fibromyalgia is in Phase II trials with data expected in H1 2019;
- NYX-783, for post-traumatic stress disorder is in Phase I trials with Phase II studies expected to commence later this year;
- NYX-458 for cognitive impairment associated with Parkinson’s disease is expected to enter Phase I trials before the end of this year.
In addition, Aptinyx has an economic interest in a product licensed to Allergan (AGN-241751) for the treatment of major depressive disorder.
Aptinyx is the third HBM portfolio company to go public on Nasdaq this year, following Homology Medicines and Armo Biotech (which was subsequently acquired by Eli Lilly).