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Biotech IPO For The Week Ahead

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The U.S. healthcare sector has witnessed 11 IPOs so far this month. Let's take a look at what's in store for the week ahead.

1. Oyster Point Pharma

Princeton, New Jersey-based Oyster Point Pharma is a clinical-stage biopharmaceutical company developing treatments for ocular surface diseases.

Founded in 2006, Oyster Point is scheduled to list its stock on the Nasdaq Global Select Market, under the symbol "OYST", on October 31, 2019.

The company has offered to sell 5.0 million ordinary shares with the initial public offering price expected to be between $16.00 and $18.00 per share. The underwriters have a 30-days option period to purchase up to 750,000 additional shares of common stock.

Underwriters of the IPO:

J.P. Morgan Securities LLC, Cowen and Company, LLC, Piper Jaffray & Co.

Pipeline & Near-term Catalysts:

The company's lead product candidate is OC-01, an intranasal formulation of varenicline, the same active ingredient in Pfizer's smoking cessation pill Chantix. OC-01 is being developed as a preservative free nasal spray to treat the signs and symptoms of dry eye disease.

A phase III trial of OC-01 Nasal Spray for the treatment of the signs and symptoms of dry eye disease, dubbed ONSET-2, was initiated in July of this year. This study is designed to enroll roughly 750 subjects at approximately 20 U.S. centers, with top-line results expected in mid-2020. If all goes well, the company plans to seek approval for OC-01 Nasal Spray in the second half of 2020.

In addition to ONSET-2, a comparative pharmacokinetic "bridge" trial, dubbed ZEN, evaluating the relative bioavailability of OC-01 Nasal Spray to orally administered Chantix is underway. The company expects ZEN to be completed by early 2020.

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