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Canada's Bellus Health plans Nasdaq IPO

Canada-listed Bellus Health Inc. is planning an IPO of its common shares on Nasdaq to raise up to $60 million.

The Laval, Quebec-based biopharmaceutical company said the common shares offering is being made concurrently in certain provinces of Canada.

Bellus said it has applied to list its shares on the Nasdaq Global Market under the symbol BLU. The company's shares trade on the Toronto Stock Exchange under the same ticker symbol.

Bellus, led by president and CEO Roberto Bellini, develops therapies for treating chronic cough and other hypersensitization-related disorders.

The company said in a regulatory filing that it intends to use the net proceeds to advance the development of its product candidate BLU-5937 to treat chronic cough and chronic itch. The company expects results from a phase 2 trial of the drug to treat chronic cough in mid-2020. A phase 2 trial of the medicine to treat chronic itch associated with eczema is also planned to begin in 2020.

Bellus also plans to use the proceeds for preclinical studies, manufacturing and other activities. The remaining funds will be used for administrative expenses, working capital and other general corporate purposes.

Jefferies LLC, Cowen and Co. LLC and Guggenheim Securities LLC are serving as joint book-running managers. Robert W. Baird & Co. Inc. is acting as lead manager for the IPO. Bloom Burton Securities Inc. is serving as co-manager.