Gelesis reportedly tabled its pending, $56 million initial public offering due to the turbulence of the U.S. biotech market.
The Boston-based company said in April that would look to float 4 million shares at $12 to $14 apiece. Gelesis makes makes an anti-obesity pill using a super-absorbent hydrogel to induce feelings of satiety.
Gelesis raised a $22 million funding round in March. CEO Yishai Zohar told Xconomy that the IPO filing was "opportunistic" and Gelesis "may consider pricing [an IPO] as market conditions evolve."
"While Gelesis had the ability to price the IPO last week, we have been considering the ideal timing for this," Zohar told the website via email. "The U.S. biotech IPO market has been turbulent in the last few weeks with mixed aftermarket performance of most stocks that listed. Given our strong cash position and clinical studies underway, our board has been weighing the relative benefits of being a public company at this time."
Apart from weight loss, the Gelesis100 pill is also designed to improve glycemic control. The company has said it expects to launch the product in the U.S. in 2019, assuming it wins FDA approval. Gelesis100 could hit the European market a year earlier, the company said.
A 2nd product, Gelesis200, is under development, according to the IPO filing. Gelesis said the newer pill uses a hydrogel with different properties that "we believe could provide additional benefits for specific subpopulations and indications."
Gelesis200 is in pre-clinical development, with clinical studies expected during the 2nd half of this year, Gelesis said. The company proposes to trade on the NASDAQ exchange under the GLSS symbol.