Trius IPO Plans Back on Track
San Diego’s Trius Therapeutics, which was forced to postpone its planned IPO earlier this year to accommodate new FDA guidelines, appears to be back on track. The biotech amended its IPO filing with the Securities and Exchange Commission earlier this week, and the company’s stock offering is now on the runway and scheduled for the week of July 26, according to Renaissance Capital’s IPO calendar.
This one could be a testament of the fortitude at Trius, which submitted its initial IPO filing eight months ago. It’s also worth noting the 6 million shares the company is planning to offer are still expected to price as originally estimated, between $12 and $14 a share, according to the recently amended filing. If shares are priced at the high end of the range, the IPO would raise about $84 million for the company and its underwriters.
As we reported last year, the venture-backed startup’s lead drug candidate is torezolid phosphate, an antibiotic that targets MRSA infections, a fast-moving and life-threatening bacterial infection. (MRSA stands for methicillin-resistant Staphylococcus aureus.) The company’s underlying technology for developing other antibiotic treatments appeared promising enough for the Pentagon’s Defense Threat Reduction Agency to award Trius a contract in May that could be worth as much as $29.5 million to develop novel antibiotics for gram-negative bacterial pathogens.
Trius said in March that it was postponing its planned IPO until its protocol for a late-stage clinical trial of torezolid could be revised to reflect new guidance from the FDA on so-called “non-inferiority” trials—which basically show a new drug is about equally effective as an old one. The company resumed plans for its IPO in June, after announcing it had agreed with the FDA on a special protocol assessment for its pivotal clinical trial.