Bio-artificial liver maker Vital Therapies is prepared to take another run at its initial public offering, months after deciding to put off the IPO to await more favorable market conditions.
The California biotech company filed updated registration statements signaling its intent to launch the IPO, wiping clean the pricing set in November 2013. The new offering cap and per-share pricing have yet to be announced.
Along the way to launching its new IPO, Vital Therapies also noted the completion of an equity funding round that tallied nearly $14 million raised from nearly 40 unnamed investors. That round was launched in January 2014, SEC filings show.
Vital Therapies initially announced in October that it would aim for an IPO of up to $86.3 million at share prices between $16-$18 apiece, hoping to use the proceeds to continue development of its ELAD artificial liver. The company announced 1 month later that it would delay the IPO for an indefinite amount of time, hoping that market conditions would improve for its cell-based liver failure therapy.
The company, which was founded about 10 years ago, says its ELAD artificial liver may help stabilize liver function in treatment of patients with acute organ failure, hepatitis B and alcohol hepatitis. The ELAD device is comprised of a system of lumen catheters, plasma circuits, and fluid recirculation components that functionally overrides a failing liver to detoxify blood and create proteins.
Vital Therapies earlier last year drummed up $22.5 million in an equity funding round and launched a phase III trial comparing ELAD treatment to the standard-of-care in patients with alcohol-induced liver deterioration.
IPO funds will go toward product development and pursuit of regulatory approvals for ELAD, as well as for Phase III clinical studies and for general corporate purposes.