SpyGlass Pharma Sets IPO Price Range at $15–$17 per Share, Aims to Raise $150 Million for Chronic Eye Disease Therapies

SpyGlass Pharma (SGP.US), a biotech company focused on developing implants for the treatment of chronic eye diseases and currently in Phase III clinical trials, announced the terms of its initial public offering (IPO) on Thursday. The company, headquartered in Aliso Viejo, California, plans to issue 9.4 million shares at a price of $15-$17 per share, raising $150 million. Based on the midpoint of the proposed price range, SpyGlass Pharma’s fully diluted market capitalization will reach $549 million.

SpyGlass Pharma is a clinical-stage biopharmaceutical company focused on chronic eye diseases, dedicated to treating such conditions through the development of long-lasting drug delivery solutions for sustained disease control and vision protection. The company’s core investigational product is the Bimatoprost Drug-Eluting Intraocular Lens System (BIM-IOL System), which combines a proprietary novel drug-eluting component with an intraocular lens that can be implanted during routine cataract surgery to reduce elevated intraocular pressure in patients with open-angle glaucoma (OAG) or ocular hypertension (OHT). Additionally, the company is developing a non-intraocular lens carrier Bimatoprost annular sustained-release implant, which can be implanted through a standalone procedure. This product provides a secondary treatment option for patients already implanted with the BIM-IOL System and offers continued therapy for patients with open-angle glaucoma or ocular hypertension who have previously undergone cataract surgery.

SpyGlass Pharma, founded in 2019, plans to list on the Nasdaq under the ticker symbol "SGP." Jefferies, Leerink Partners, Citi, and Stifel are acting as joint book-running managers for this IPO.