Erytech Pharma, developer of an innovative ‘tumor starvation’ treatment, today announced that it plans to conduct a registered initial public offering in the United States and thus, plays in the major league with its French fellows DBV and Cellectis.
It’s definitely the last trend in Biotech! European companies are queuing up to enter the US stock market. In this exercise, French companies are excelling. After the €345m raised in two rounds by DBV and the €200m gathered by Cellectis, the US investors are ready to welcome another French aspirant.
Erytech has some convincing aces up his sleeve. Founded in 2004, Erytech develops innovative cancer therapies that work by starving tumors! Its first product, currently in phase III, is a proprietary technology based on encapsulation of therapeutic molecules into red blood cells. The encapsulated enzymes can starve tumors by depriving leukemia cells of asparagine, an amino acid which is essential for their growth and survival.
Erytech is already listed on the NYSE Euronext regulated market in Paris. The money raised during the next IPO will certainly be used by Erytech to push forward its lead candidate against leukemia. The targeted amount of the IPO is still undisclosed.
Erythech is not the only French company to unveil its plan this month. The vision gene therapy specialist Gensight, also announced its intention to enter the US stock market with a €90m IPO. 2014 was already a record year for French biotechs, with more introductions on stock market than ever and 2015 promises to be the year of a new record!