Inflammatory disease biotech Invea Therapeutics refiles for a $35 million IPO
Invea Therapeutics, a clinical-stage biotech developing oral small molecules for inflammatory diseases, filed on Monday with the SEC to raise up to $35 million in an initial public offering. Invea Therapeutics originally filed for an IPO in October 2023, but later withdrew its filing the following March.
Company Overview
Invea Therapeutics works on advancing two oral, small molecule product candidates for immune-mediated inflammatory diseases, or IMIDs. Lead candidate INVA8001 targets chronic inducible urticarial, and the company plans to submit a CTA in the EU to begin a Phase 2a trial; INVA80001 was in-licensed from Daiichi Sankyo after it failed to meet its endpoint for a different indication. Invea’s second candidate, novel INVA8003, is in preclinical development. The company applies AI-driven methods to identify therapies for IMIDs, which it estimates affect 200 to 500 million individuals worldwide.
The company is preparing to submit an IND application for the drug candidate for moderate to severe atopic dermatitis and, separately, for chronic urticaria.
Management is headed by president, Chairman and CEO Krishnan Nandabalan, Ph.D., who has been with the firm since its inception in October 2021 and was previously the founder of BioXcel, LLC.
The Guilford, CT-based company was founded in 2021 and plans to list on the Nasdaq under the symbol INAI. ThinkEquity is the sole bookrunner on the deal. No pricing terms were disclosed.
Invea has booked fair market value investment of $5.66 million as of December 31, 2022, from investors, including InveniAI LLC and others.
Invea’s Market & Competition
According to a 2022 market research report by Grand View Research, the global market for atopic dermatitis drugs was an estimated $12.7 billion in 2021 and is forecasted to reach $27.6 billion by 2030.
This represents a forecast CAGR （Compound Annual Growth Rate） of CAGR （Compound Annual Growth Rate） of 9.0% from 2022 to 2030.
Key elements driving this expected growth are a strong pipeline of treatment options and a growing prevalence of diagnosed conditions due in part to increased handwashing resulting in “cracked and dry skin prone to infections among atopic dermatitis patients.”
Major competitive vendors that provide or are developing related treatments include the following companies:
Pfizer （PFE）。
AbbVie （ABBV）。
Regeneron Pharmaceuticals （REGN）。
Sanofi S.A. （SNY）。
LEO Pharmaceuticals.
Novartis （NVS）。
Genentech.
Invea Therapeutics, Inc. Financial Status
The firm’s recent financial results are typical of a clinical-stage biopharma firm at IPO; they indicate material R&D and G&A expenses and no revenues.
As of December 31, 2022, the company had $588,000 in cash and $2.9 million in total liabilities.