Venture capital-backed Egalet Corp eyes $69m IPO


pills2_lrgVenture capital-backed company Egalet Corp, which is developing abuse-deterrent oral products for the treatment of pain, is looking to raise $69m via an IPO.

The company plans to list on the Nasdaq exchange under the symbol EGLT, it said in a document filed with the US Securities and Exchange Commission.

Egalet’s largest shareholder is Atlas Venture, which currently holds a 30.1 per cent interest. Other backers include Danish Biotech with a 22.7 per cent stake, Sunstone Capital with 19.7 per cent, Index Funds and Enso Ventures, which own 17.1 and 6.2 per cent, respectively.

Stifel, JMP Securities, Canaccord Genuity and Janney Montgomery Scott serve as underwriters for the IPO.

Earlier this year Atlas led an $18m financing round for online marketplace CustomMade alongside Google Ventures.

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