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Pharmaceutical, drug delivery device company NeuroproteXeon plans IPO

Privately held NeuroproteXeon, Inc. said it is planning to complete an IPO on AIM, a submarket of the London Stock Exchange for smaller and growing companies, in the second half of 2018.

Inspiration Healthcare Group PLC said NeuroproteXeon, in which it holds about a 10% equity stake, confirmed in a news release that the net proceeds of the proposed capital raise will allow it to complete a phase 3 trial of Xenex — an inhaled xenon gas therapy being evaluated to improve survival and functional outcomes for patients resuscitated after a cardiac arrest.

NeuroproteXeon expects a new money valuation of more than the $59 million gained in its last round of financing, which was completed in 2017.

The New York-based pharmaceutical and drug delivery device company, which develops neuroprotective products to prevent brain damage, has existing agreements with Mallinckrodt PLC and Linde AG for its inhaled xenon gas therapy.

The combined agreements will provide NeuroproteXeon with up to £44.6 million in milestone payments, £12.5 million of which has already been earned or is expected in connection with the start of Xenex's phase 3 trial.