BioVie Seeks $23 Million In Nasdaq IPO

Quick Take

BioVie (OTCQB:BIVI) has filed to raise gross proceeds of $23 million from a U.S. IPO, according to an S-1 registration statement.

The firm is focused on the development of therapies for chronic liver diseases.

BIVI hasn’t entered Phase 1 safety trials yet so is an ultra-early-stage firm. The IPO is likely more appropriate for long-term institutional holders.

I’ll provide a final opinion when we learn further details from management.

Company & Market

Los Angeles, California-based BioVie was founded in 2013 to develop and market new therapies for the treatment of life-threatening chronic liver diseases and associated complications.

Management is headed by Chairman and CEO Terren Peizer, who has been with the firm since 2018 and was also founder and CEO at Acuitas Group Holdings, Catasys, and NeurMedix.

BioVie is advancing BIV201, a continuous infusion ‘terlipressin’ therapy that is currently being developed for the treatment of ascites due to chronic liver cirrhosis due to hepatitis, non-alcoholic steatohepatitis [NASH], or alcoholism.

Terlipressin is currently approved for marketing in about 40 countries except for the US.

According to management, ascites affects about 100,000 Americans and carries an estimated 40% mortality rate within two years of diagnosis.

BIV201’s development originally began at LAT Pharma, which BioVie acquired alongside its BIV201 program as well as its development and marketing rights.

The firm has a US patent that covers the use of BIV201 for the treatment of ascites due to liver cirrhosis, and corresponding patent applications pending in Japan, Europe, China, and Hong Kong.

Below is the current status of the company’s estimated drug development timeline for BIV201:

Source: Company website

Investors in BioVie include Aspire Capital, Cuong Do, the global strategy lead for Samsung, and the founder of Adheron Therapeutics, Hari Kumar. Source: Linkedin

According to a report by Allied Market Research,

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