Chronic eye disease biotechnology company SpyGlass Pharma (SGP.US) IPO priced at $15-17 per share, planning to raise $150 million.

Focus on the research and development of implants for the treatment of chronic eye diseases, the biotechnology company SpyGlass Pharma (SGP.US), in phase three clinical trials, announced the terms of its initial public offering (IPO) on Thursday. The company, based in Aliso Viejo, California, plans to issue 9.4 million shares of stock at a price of $15-17 per share, raising $150 million. Based on the proposed midpoint of the offering price range, SpyGlass Pharma's fully diluted market value will reach $549 million. SpyGlass Pharma is a late-stage clinical biopharmaceutical company focused on chronic eye diseases, dedicated to treating chronic eye diseases with long-term drug delivery solutions to achieve long-term disease control and vision protection. The company's core product in research is the Bimatoprost Drug-Eluting Intraocular Lens System (BIM-IOL system), which combines a newly developed drug-eluting insert with an artificial lens and can be implanted during routine cataract surgery to lower intraocular pressure in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT). Additionally, the company is also developing a Bimatoprost ring-shaped sustained-release implant that does not involve an artificial lens carrier, which can be implanted through a separate procedure to provide a secondary treatment option for patients already implanted with the BIM-IOL system and to provide continuous treatment for patients with open-angle glaucoma or ocular hypertension who have previously undergone cataract surgery. Established in 2019, SpyGlass Pharma plans to list on the NASDAQ under the ticker symbol "SGP". Jefferies, Leerink Partners, Citigroup, and Stifel are the joint book-running managers for this IPO.