British group Acacia Pharma said on Friday it had priced its initial public offering on the Brussels stock exchange, raising 40 million euros ($49.09 million).
The company, which specializes in treatments of nausea and vomiting for post-operative and chemotherapy patients, said it would use the proceeds to prepare the launch of its first product.
“Brussels really is an extremely good market for a company like ours,” Chief Executive Julian Gilbert told Reuters, adding that companies of a similar profile had performed well after listing there.
The group says it targets a potential market of some 16 million patients annually in the United States with BAREMSIS, its first product treating post-operative nausea, expected to be launched in 2019.
While there are similar products, so-called dopamine antagonists, on the market already, the company said its product did not have safety issues associated with others.
“We have found a safe dopamine antagonist, which gives us a unique position,” Gilbert said.“There is a big opportunity for us in rescue treatment.”
Acacia Pharma is also carrying out phase 2 clinical trials for its next product aimed at chemotherapy patients.
Shares of the company, which will have a market capitalization of some 190 million euros, will start trading in Brussels on March 5.