Market Overview

BioVie IPO: What You Need To Know

BioVie IPO: What You Need To Know

A biotech company that has a mid-stage asset targeting a disease, and currently has no FDA-approved therapies, is eyeing a Nasdaq listing this week.

The IPO Terms

Santa Monica, California-based BioVie Inc. is set to offer 1.26 million shares in an IPO, according to a S-1/A filing.

The company's shares are currently traded on the OTC market under the ticker symbol BIVI.

BioVie said it will use the $11.88 per share at which the shares closed on the OTC market July 8, after giving effect to the 1:125 reverse stock split, as an indicative price for the offering.

The company has applied for listing its shares on the Nasdaq under the ticker symbol BIVI.

ThinkEquity, a division of Fordham Financial Management, is the underwriter for the offering.

The Company

BioVie is a clinical-stage company developing and commercializing innovative drug therapies. The company currently focuses on developing BIV201, a novel approach to treat ascites – abnormal build up of fluid in the abdomen – due to chronic liver cirrhosis.

BIV201, with a potent vasoconstrictor as an active ingredient, is based on a drug approved in about 40 countries to treat liver cirrhosis-related complications, although it is not yet available in the U.S.

Following the recent completion of a Phase 2a trial, the company had a Type C meeting with the FDA June 19 to discuss the clinical development efforts with the FDA and proposed trial endpoints.

BioVie estimates the U.S. patients targeted for the BIV201 therapy to be 20,000 and the addressable U.S. market size to be $500 million, plus.

The Finances

BioVie is yet to turn in revenues. For the fiscal year ended June 30, 2018, the company reported a net loss of $2.434 million compared to the year-ago loss of $1.33 million.

For the nine-month period ended March 31, the company reported a net loss of $1.837 million, narrower than the year-ago loss of $1.858 million.

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