Pharvaris goes public and raises $165 million

Last November, Pharvaris has closed an oversubscribed $80 million Series C financing bringing its total venture funding to over $160 million to date. The company is now going public at Nasdaq. Prospects look promising. During the week the company was able to upsize its IPO. It was originally planned to offer 6.95 million shares at a proposed midpoint price of $18.00 per share. Today Pharvaris announced the pricing of its upsized initial public offering of 8,270,500 of its ordinary shares at an initial public offering price of $20.00 per share, for total gross proceeds of approximately $165.4 million. In addition, Pharvaris has granted the underwriters a 30-day over-allotment option to purchase up to an additional 1,240,575 ordinary shares at the public offering price less underwriting discounts and commissions.

Last week Pharvaris reported that during its phase I study lead candidate PHA121 was well tolerated. PHA121 is a highly potent, specific, and orally bioavailable competitive antagonist of the bradykinin B2 receptor for the treatment of hereditary angioedema (HAE) and other bradykinin-B2-receptor-mediated indications.

HAE is a rare and potentially life-threatening genetic condition with symptoms that include episodes of debilitating and often painful swelling in the hands, feet, face (lips and tongue), gastrointestinal tract, urogenital region, or airways. Attacks are unpredictable in frequency, location, timing, and severity, with multiple types of triggers. Patients experience a median of 14 attacks per year, and half of the patients experience a potentially life-threatening airway attack at least once in their lifetime, according to published reports.

Pharvaris is registered in the Netherlands and in Switzerland. Founder and CEO Berndt Modig works out of Switzerland together with a growing team.