IPOs: Celyad rakes in $100M, Neos shoots for $69M

Celyad CEO Christian Homsy

Two companies with a focus on drug delivery are making a go at an IPO, joining several biotechs that have thrown their hats in the ring in the last few days. Belgian engineered cell therapy specialist Celyad--formerly Cardio3--has brought in $100 million, and ADHD formulator Neos Therapeutics filed with the SEC to raise up to $69 million.

Celyad, founded in 2007, changed its name in April this year to expand its focus in cell therapy past the cardiovascular realm. The company's C-Cure is an autologous stem cell therapy designed to treat heart failure. The treatment is in a European late-stage trial currently with final results expected next year. Celyad is applying its CAR-T platform to other targets, including cancer. The T cell receptors use the sequence of natural killer cell receptors to target a broad range of solid tumors and blood cancers, giving the immune system the wherewithal to attack the cancer cells.

Celyad will trade on the Nasdaq under the symbol "CYAD," and priced its 1.5 million shares at $68.56. It will also trade on the Euronext Brussels and Paris markets.

Celyad plans to devote $40 million of the investment to advance its preclinical pipeline as it looks to join a hot CAR-T space with the likes of Juno Therapeutics ($JUNO), Kite Pharma ($KITE) and Bellicum Pharmaceuticals ($BLCM).

Neos CEO Vipin Garg

In other IPO news, Neos has filed with the SEC for up to $69 million as it continues to develop ADHD therapies with easy-to-use formulations. Earlier this year, the company pulled in $20 million to push through the late stage of trials on its extended-release ADHD candidates.

Neos reformulates methylphenidates and amphetamines for a single-dose, extended-release option so parents can supply children with a day's worth of treatments in the morning.

"This tech is ion resin-based, so we take a small-molecule ionic API that is safe and effective and bind it to the ion resin, then coat it for controlled release," Neos Chief Technology Officer Mark Tengler told FierceDrugDelivery last year. "As soon as you swallow it, the ions cross the membrane at a rate-determining step."

Neos plans to trade on the Nasdaq under the symbol "NEOS."

- here's Celyad's announcement
- and here's Neos' announcement

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