VC-backed TxCell launches IPO

The company plans on selling 3.87 million new shares in the offering. An indicative price range has been set at €5.58-6.82 per share.

An extension option of a further 580,645 shares and an overallotment option of 667,741 shares have also been granted, meaning TxCell could raise up to €34.9m at the top end of the indicative price range and if both options are exercised in full.

TxCell is backed by Auriga, Seventure, Ardian, BPI France and CDC Innovation (now Innovation Capital), according to unquote" data.

Auriga, Seventure and BPI have agreed to subscribe to a total of around €4m in the IPO. BPI has also agreed to subscribe to the lesser of either 8.7 million shares at the final offer price or the final price of the offered shares multiplied by 33% of the total new shares issued in the offering (excluding the extension and overallotment options).

Conditional dealings are set to commence on the stock exchange on 14 April. Trading on the regulated market of the Euronext Paris is set to take place on 18 April, with the company's stock trading under the ticker "TXCL".

Societe Generale CIB and Oddo & Cie have been appointed as joint lead managers and bookrunners, while Sponsor Finance is acting as TxCell's adviser.

TxCell first received funding in October 2004, securing €10.5m from Ardian, Auriga, CDC, Seventure and BioAm (now managed by BPI France). The company's founders and senior management also contributed to the total amount raised.

A second €10.5m funding round took place in March 2008, with the same consortium of venture capital investors supplying the capital.

In November 2012, BPI France led a €12.4m funding round for the company, supplying €6m of the total amount via the €139m InnoBio fund. Auriga and Seventure also reinvested in the company.

Based in Sophia-Antipolis near Nice, TxCell was spun out from Institut National de la Santé et de la Recherche Médicale (Inserm) in 2001.

The company develops cell-based immunotherapies for the treatment of severe chronic inflammatory diseases via its Astria technology platform.

TxCell's lead candidate product, Ovasave, is designed for use in the treatment of refractory Crohn's disease and has just completed its phase IIa clinical study, with a phase IIb planned for the near future.

The company employs 39 staff.

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• Topics
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