Auris’ delayed IPO lists below initial price range

Auris planned to list on 1st July but delayed its IPO for almost a week, finally beginning trading on 6th July.

It increased its number of offered shares by more than 35% to list 9.4 million common shares at $6 per share, with net proceeds after offering expenses of $51m.

It had previously filed to offer 6.9 million common shares at $10-12, which would have resulted in a $76m flotation at its mid-point.

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

The cash has been earmarked for the development of AM-101, a phase III treatment for acute inner ear tinnitus. The drug is administered by a single treatment of an injectable gel, which shuts down cochlear NMDA receptors and relieves the ringing of the ears associated with the condition.

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.

The biotech business was founded in Zug in 2003 and focuses on developing treatments for cochlear disorders. As well as developing treatment for acute inner ear tinnitus and acute inner ear hearing loss, the company is also pursuing early-stage research and development projects.

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