French Orphan play Advicenne raises €27M IPO

Advicenne S.A. (Euronext:ADVIC) lost €0.03 to €14 on its first day of trading Wednesday after it raised €27 million ($32.1 million) through the sale of 1.9 million shares at €14.03 in an IPO on Euronext Paris underwritten by Gilbert Dupont and NIBC. The price values the Orphan renal and neurology company at €112 million ($133 million).

The company plans to submit an MAA to EMA next year for lead candidate ADV7103 to treat distal renal tubular acidosis, and hopes to launch the product in Europe in 2020. Next year, the company plans to begin a European Phase III trial of the candidate to treat cystinuria, an inherited renal tubulopathy. Advicenne is also planning U.S. Phase II/III trials of ADV7103 for both indications...