Sofinnova-backed Auris announces price range

Harriet Bailey
23 July 2014

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Auris Medical, a Switzerland-based biotech company backed by Sofinnova Partners and Sofinnova Ventures, has announced the terms for its IPO.

Auris is offering 6.9 million common shares, with the option to purchase an additional 1.04 million shares. The estimated price range is $10-12 per share, resulting in a $69-82m flotation.

It has applied to list on the Nasdaq Global Select Market under the ticker symbol "EARS".

Jefferies and Leerink Partners are acting as joint bookrunners, while JMP Securities and Needham & Co are acting as co-managers.

Sofinnova Ventures currently has a 19.3% stake in the company, while Sofinnova Capital has an 18.6% share.

French venture capital firm Sofinnova Partners joined US-based Sofinnova Ventures in a CHF 47.1m funding round in April 2013. The funding was split equally between the two investors, with Sofinnova Partners committing capital from its seventh fund.

In 2008, AGF Private Equity, ZKB Pharma Vision Fund, Lacuna Apo Biotech Fund and an industrial company injected approximately €7.4m into the firm.

Founded in 2003 and headquartered in Zug, Auris is a biotech dedicated to cochlear disorders. It is currently developing treatment for acute inner ear tinnitus and acute inner ear hearing loss, as well as pursuing early-stage research and development projects.