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Tarsus Pharmaceuticals Seeks $80 Million In U.S. IPO (Pending:TARS)

Tarsus Pharmaceuticals Seeks $80 Million In U.S. IPO (Pending:TARS)

Quick Take

Tarsus Pharmaceuticals (TARS) has filed to raise $80 million in an IPO of its common stock, according to an S-1 registration statement.

The company is developing treatments for Demodex blepharitis and other ophthalmic conditions.

TARS has produced enviable efficacy trial results for its lead candidate and the IPO is reasonably priced, so for life science investors with a hold time frame of 18 to 24 months, the IPO is worth considering.

Company & Technology

Irvine, California-based Tarsus was founded to advance a portfolio of treatment options for various eye conditions caused by mites and other parasites.

Management is headed by co-founder, president and CEO Mr. Bobak Azamian, M.D., Ph.D., who has been with the firm since and was previously co-founder, CEO and CMO of Metavention, a company seeking to treat diabetes and other metabolic diseases.

Below is a brief overview video of Demodex Blepharitis:

Source: Nattawut Wanumkarng

The company’s lead candidate is TP-03, a treatment being developed for three indications related to the Demodex mite.

Management expects to provide top line data results for its Phase 2b/3 Saturn-1 trial in 2021, as well as initiate a Phase 3 Saturn-2 trial in 2021.

Below is the current status of the company’s drug development pipeline:

Source: Company S-1 Filing

Investors in the firm have invested at least $63.4 million and include Horowitz Limited Partnership, Vivo Capital, Flying L Investments, Frazier Life Sciences, Visionary Venture Fund, RTW Investments and Cormorant Asset Management.

Market & Competition

According to a 2018 market research report by Transparency Market Research, the global incidence of patients with increased ocular disorders is increasing due to the rise in the elderly population.

In a recent survey report in the U.S., 37% – 47% of patients ‘were diagnosed with signs of blepharitis.’

Related conditions to blepharitis include acne rosacea,

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Tarsus Pharmaceuticals Proposes Terms For $80 Million IPO

Tarsus Pharmaceuticals Proposes Terms For $80 Million IPO

Tarsus Pharmaceuticals (TARS) intends to raise $80 million in an IPO of its common stock, according to an S-1 registration statement.

Irvine, California-based Tarsus was founded to advance a portfolio of treatment options for various eye conditions caused by mites and other parasites.

Management is headed by co-founder, president and CEO Mr. Bobak Azamian, M.D., Ph.D., who has been with the firm since and was previously co-founder, CEO and CMO of Metavention, a company seeking to treat diabetes and other metabolic diseases.

Below is a brief overview video of Demodex Blepharitis:

Source: Nattawut Wanumkarng

The company’s lead candidate is TP-03, a treatment being developed for three indications related to the Demodex mite.

Management expects to provide top line data results for its Phase 2b/3 Saturn-1 trial in 2021, as well as initiate a Phase 3 Saturn-2 trial in 2021.

Below is the current status of the company’s drug development pipeline:

tarsuspipe

Source: Company S-1 Filing

Investors in the firm have invested at least $63.4 million and include Horowitz Limited Partnership, Vivo Capital, Flying L Investments, Frazier Life Sciences, Visionary Venture Fund, RTW Investments and Cormorant Asset Management.

According to a 2018 market research report by Transparency Market Research, the global incidence of patients with increased ocular disorders is increasing due to the rise in the elderly population.

In a recent survey report in the U.S., 37% – 47% of patients ‘were diagnosed with signs of blepharitis.’

Related conditions to blepharitis include acne rosacea, Lyme disease and malaria, all areas in which the firm is pursuing treatments.

However, drugs with significant side effects or lengthy procedures can hamper market adoption.

Major competitive vendors that provide or are developing treatments include:

  • Azura Ophthalmics
  • Aperta Biosciences
  • Eyevance Pharmaceuticals
  • Formosa Pharmaceuticals
  • Hovione Scientia
  • Nicox SA (NICXF)
  • Novaliq GmbH
  • Premark Pharma
  • Quorum Innovations

Tarsus’s recent financial

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Ophthalmology biotech Tarsus Pharmaceuticals sets terms for $80 million IPO

Ophthalmology biotech Tarsus Pharmaceuticals sets terms for $80 million IPO

Tarsus Pharmaceuticals, a Phase 3 biotech developing therapies for ophthalmic conditions, announced terms for its IPO on Friday.

The Irvine, CA-based company plans to raise $80 million by offering 5 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Tarsus Pharmaceuticals would command a fully diluted market value of $324 million.

The company’s lead product candidate, TP-03, is a novel therapeutic being developed for the treatment of blepharitis caused by the infestation of Demodex mites, which is referred to as Demodex blepharitis. To date, the company has completed four Phase 2 trials for TP-03 in Demodex blepharitis, all of which met their primary, secondary and/or exploratory endpoints. The company commenced a Phase 2b/3 trial in September 2020, and intends to commence a Phase 3 trial in 2021

Tarsus Pharmaceuticals was founded in 2016 and plans to list on the Nasdaq under the symbol TARS. BofA Securities, Jefferies, Raymond James, LifeSci Capital and Ladenburg Thalmann are the joint bookrunners on the deal.

The article Ophthalmology biotech Tarsus Pharmaceuticals sets terms for $80 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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