Avista Capital Partners-backed specialty pharmaceutical company OptiNose Inc. (OPTN) , which went public earlier this month, is preparing to launch its nasal polyps treatment in the second quarter of next year.
OptiNose's focus is on "producing a very successful launch driven by getting strong market access and getting high awareness," CEO Peter Miller told TheStreet in an interview on Oct. 25.
Yardley, Pa.-based OptiNose on Oct. 12 priced its initial public offering of 7.5 million shares at $16 apiece, and the stock debuted the following day on the Nasdaq, finishing the trading session at $19. Shares currently trade at about $20.
The company on Oct. 17 announced the closing of its IPO and the full exercise of the underwriters' option to buy up to an additional 1.13 million shares, raising total gross proceeds of about $138 million.
OptiNose engages in the development and commercialization of products for patients treated by ear, nose and throat (ENT) and allergy specialists. In September, the U.S. Food and Drug Administration (FDA) approved the firm's new drug application for the Xhance nasal spray as a treatment for nasal polyps in patients 18 and older.
Miller said he found the journey toward becoming a publicly traded company an "enjoyable process."
"We got to meet a very diverse group of investors," Miller said. "Because of our story-it's a reasonably simple story-we didn't appeal to just typical healthcare investors, but we had growth investors as well."
Miller said he and his team conducted more than 100 meetings between the test-the-waters process and the roadshow.
The IPO came months after the company in May announced the close of a $37 million Series D financing led by Fidelity Management and Research Co. Avista Capital, and Entrepreneurs Fund. Other investors also participated in the funding round.
Xhance is the company's second product. It developed its first product, Onzetra Xsail (sumatriptan nasal powder), through the completion of the Phase 3 study, then out-licensed the product to Avanir Pharmaceuticals Inc. (Avanir was later acquired by Otsuka Pharmaceutical Co. Ltd.) Onzetra Xsail was approved by the FDA and launched in the U.S. in 2016.
The products rely on OptiNose's patented exhalation delivery systems (EDS). The company is also developing products for neurologic orphan diseases where the "nose-to-brain" application of an EDS may enable improved treatment.
OptiNose was founded by Dr. Per Djupesland in 2000. Avista Capital in 2010 committed to invest $48.5 million in the company and in conjunction with the investment, OptiNose reincorporated in the U.S., moving its headquarters from Oslo, Norway, to Yardley.
Avista declined to comment for this story.
This story first appeared on TheStreet's sister publication The Deal on Oct. 25.