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PolyPid discloses price range for planned US IPO

PolyPid Ltd. said it intends to issue about 3,333,333 ordinary shares in its planned IPO on the Nasdaq global market under the symbol POLY.

Israel-based PolyPid expects to raise up to $92 million via the offering, which could be priced between $21 per share and $24 per share.

Goldman Sachs & Co. LLC, Cowen and Co. LLC, Cantor Fitzgerald & Co., Raymond James & Associates Inc., and Oppenheimer & Co. Inc. are the underwriters for the offering.

The underwriters have an option to buy up to an additional 500,000 shares.

PolyPid said certain existing shareholders indicated an interest in buying up to $19.5 million worth of ordinary shares at the IPO price.

PolyPid's pipeline is focused on infection treatment and prevention, particularly during surgery. The IPO will help raise funds for the clinical development of D-PLEX100, which is being developed to prevent surgical site infections after cardiac surgery.