Biocept, Trevena, Vital set IPO ranges

Neurology company Trevena Inc. (King of Prussia, Pa.), liver company Vital Therapies Inc. (San Diego, Calif.) and cancer diagnostic company Biocept Inc. (San Diego, Calif.) amended their IPOs on Wednesday. Trevena plans to sell 5.8 million shares at $12-$14. At the $13 midpoint, the company would raise $75 million and be valued at $290.7 million. Trevena filed to raise up to $86.3 million last month. Barclays; Jefferies; Canaccord; JMP Securities; and Needham are underwriters. Trevena is developing GPCR ligands that activate or block specific signaling pathways mediated through individual GPCRs. Next quarter, the company plans to start a Phase IIb trial of TRV027 for acute heart failure (AHF), with data expected in 2H15. Forest Laboratories Inc. (NYSE:FRX) has an exclusive option to the compound (see BioCentury, May 13).

Vital plans to sell 4.4 million shares at $16-$18. At the $17 midpoint, the company would raise $74.8 million and be valued at $277.4 million. Vital filed to raise up to $86.3 million last month. Credit Suisse; William Blair; Cowen; Canaccord; and BTIG are underwriters. Vital's human liver cell-based extracorporeal liver assist device (ELAD) is in Phase III testing for liver failure. The device is a bio-artificial liver system comprising a cartridge of membranes separating immortalized human C3A hepatoblastoma cells from a patient's plasma, which circulates through the device. ...