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Entera Bio closes $11.2M IPO; proceeds to fund rare disease therapy research

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Entera Bio closes $11.2M IPO; proceeds to fund rare disease therapy research

Entera Bio Ltd., an Israeli biopharmaceutical company with products in human testing, closed its IPO of 1.4 million units for gross proceeds of $11.2 million.

Each unit comprises 1 ordinary share and 1 warrant to buy half of an ordinary share and was sold at $8.00.

The warrants were exercisable immediately at an exercise price of $8.40 per share and will expire five years from the date of issuance, subject to certain exceptions.

The Jerusalem-based company's shares and warrants began trading on the Nasdaq Capital Market on June 28 under the ticker symbols ENTX and ENTXW, respectively.

Maxim Group LLC is acting as sole book-running manager, and Joseph Gunnar & Co. is a co-manager for the offering.

Entera Bio, which is developing treatments for rare medical conditions, intends to use the net proceeds from the offering to fund research and development expenses as well as working capital and general corporate purposes.