Seeking Alpha

Renaissance IPO ETF (IPO)

  • Nov. 24, 2014, 4:30 PM
    • Waltham, MA-based Histogenics (HSGX) is set for its IPO of 4.3M shares of common stock at $13 - 15.
    • The regenerative medicine company focuses on developing products in the musculoskeletal area. Its lead product is NeoCart, an autologous cartilage implant for the repair of cartilage damage in the knee. It is currently in Phase 3 development.
    • The first step in the process is the procurement of cartilage cells by a surgeon from the non-weight-bearing area of the patient's femur. After expanding, the cells are infused into the company's proprietary scaffold and then incubated in its Tissue Engineering Processor which mimics the conditions in the joint. When NeoCart is implanted, a bioadhesive is used to anchor it in place.
    • Enrollment in a 245-patient Phase 3 trial is underway. The primary efficacy endpoint is clinical superiority over the current standard of care, microfracture, at 12 months post implant.
    • Histogenics has yet generate meaningful revenue. Its net loss in 2013 was $25.7M and $23.7M in the first nine months of 2014.
    | Comment!
  • Nov. 21, 2014, 11:46 AM
    • CB Pharma Acquisition Corp. (CNLMU) files for an IPO of 4M units priced at $10 per unit. Each unit consists of one share of common stock, one right to purchase 1/10 of a share of common stock on the consummation of an initial business combination and one warrant to purchase 1/2 of one share of common stock at a full-share price of $11.50.
    • The firm is a blank check company formed by Coronado Biosciences (CNDO +0.5%). It will seek business combinations via mergers, share exchanges, asset acquisitions, share purchases, recapitalizations or reorganizations.
    • It has 18 months from the consummation of this offering to complete its initial business combination (up to 21 months in certain circumstances) or it will liquidate the trust account, distribute the proceeds to shareholders and dissolve.
    • Per NASDAQ listing rules, the target business for the initial combination must have a fair market value equal to at least 80% of the value of the trust account.
    | Comment!
  • Nov. 19, 2014, 9:42 AM
    • Sylmar, CA-based Second Sight Medical Products (NASDAQ:EYES) debuts today via its IPO of 3.5M shares priced at $9.
    • The company develops visual prosthetics to restore some functional vision to blind patients. Its lead product is the Argus II System for the treatment of outer retinal degenerations such as retinitis pigmentosa. It is the only retinal prosthesis approved by the FDA and the first one approved anywhere in the world.
    • S-1
  • Nov. 14, 2014, 1:46 PM
    • San Diego, CA-based Neothetics (NEOT) is set for its IPO of 4.3M shares of common stock at $13 - 15.
    • The clinical-stage specialty pharmaceutical firm develops therapeutics for the aesthetic market with an initial focus is on localized fat reduction and body contouring. Its lead product candidate is LIPO-202 (salmeterol xinafoate for injection) for the reduction of central abdominal bulging due to subcutaneous fat in non-obese patients (pot-belly). The company expects to conduct two Phase 3 trials in 1H 2015 and have top-line results by the end of 2015. If successful, it will file an NDA in 2H 2016.
    • 2013 Performance: Operating Expenses: $14.4M (+151.2%); Net Loss: ($15.0M) (-91.8%); Cash Burn: ($12.9M) (-74.3%).
    • 2014 Performance (9 mo.): Operating Expenses: $6.3M (-47.1%); Net Loss: ($7.9M) (+35.2%); Cash Burn: ($6.4M) (+40.2%).
    | 1 Comment
  • Nov. 14, 2014, 1:20 PM
    • New York, NY-base S1 Biopharma (Pending:SXB) is set for its IPO of 2.75M shares of common stock at $12 - 14.
    • The clinical stage biopharmaceutical firm develops therapies for sexual dysfunction. Its lead product candidate is Lorexys, a fixed-dose combination therapy for the treatment of female hypoactive sexual desire disorder (HSDD), currently in Phase 2 clinicals. Its second product candidate is Orexa for the treatment of male HSDD. The company expects to initiate a Phase 2a study in Q2 2015 and a Phase 2b trial in 2016.
    • 2013 Performance: Operating Expenses: $1.8M (-131.1%); Net Loss: ($2.0M) (-144.0%); Cash Burn: ($719K) (-628.3%).
    • 1H 2014 Performance: Operating Expenses: $1.6M (+74.5%); Net Loss: ($1.8M) (-93.3%); Cash Burn: ($838K) (-148.9%).
    | Comment!
  • Nov. 11, 2014, 2:06 PM
    • Raleigh, NC-based PRA Health Sciences (Pending:PRAH) is set for its IPO of 18.6M shares of common stock at $20 - 23.
    • The contract research organization provides clinical development services (Phases 1 - 4) to the biotech and pharmaceutical industries. Since 2000, the company has performed ~2,300 clinical trials.
    • KKR, one of the underwriters, acquired the firm in September, 2013 for $1.4B. KKR PRA Investors, L.P., will own ~64% of the stock after the IPO, ~59% if the underwriters' over-allotment is fully exercised.
    • The financials are difficult to compare due several transactions executed by KKR.
    • 2014 Performance (9 mo.) ($M): Revenues: 1,089.6 (+78.0%); Operating Income: 45.1 (+125.1%); Net Loss: (12.9) (+73.3%); CF Ops: 1.4 (-97.2%).
    | Comment!
  • Nov. 11, 2014, 1:38 PM
    • Rehovot, Israel-based NeuroDerm (NDRM) is on deck for its IPO of 4.5M shares of common stock at $13 - 16.
    • The clinical-stage pharmaceutical company focuses on reformulations of existing drugs targeted on central nervous system disorders. The reformulations are designed to overcome limitations such as short half-life and low absorption. It believes its regulatory approval pathways will be shorter and lower risk since they are based on already-approved medicines.
    • Its most advance product candidates target Parkinson's disease. Three Phase 3 trials are on tap for 2015.
    • 2013 Performance ($M): Operating Expenses/Loss: 3.2 (+15.8%); Net Loss: (86.9) (-999%).
    • 1H 2014 Performance ($M): Operating Expenses/Loss: 5.0 (-180.9%); Net Loss: 5.6 (+69.1%).
    | Comment!
  • Nov. 10, 2014, 1:46 PM
    • San Francisco, CA-based FibroGen (Pending:FGEN) is on deck for its IPO of 7.1M shares of common stock at $16 - 19.
    • The biopharmaceutical company focuses on fibrosis and hypoxia-inducible factor (HIF) biology. Its lead product is roxadustat, an oral small molecule inhibitor of HIF prolyl hydroxylases currently in Stage 3 development, for the treatment of anemia in patients with chronic kidney disease. Its second product candidate is FG-3019, a monoclonal antibody in Phase 2 development  for the treatment of idiopathic pulmonary fibrosis.
    • The company's development and commercialization partners for roxadustat are Astellas Pharma (OTCPK:ALPMF) (OTCPK:ALPMY) (Japan, Europe, CIS, Middle East, South Africa) and AstraZeneca (AZN +0.6%) (U.S., China, ROW ex. Astellas territories).
    • 2013 Performance ($M): Revenues: 102.2 (+55.1%); Operating Expenses: 110.1 (+18.1%); Net Loss: (14.9) (+54.3%); CF Ops: 25.9 (+562.5%).
    • 2014 Performance (9 mo.): Revenues: 121.5 (+35.3%); Operating Expenses: 123.6 (+69.8%); Net Loss: (8.9) (-175.4%); CF Ops: 46.2 (-4.9%).
    | Comment!
  • Nov. 7, 2014, 11:57 AM
    • Jaguar Animal Health (NASDAQ:JAGX) postpones its IPO of 5M shares of common stock at $7 - 9. The company develops and commercializes gastrointestinal products for companion and production animals.
    • Parnell Pharmaceuticals' (NASDAQ:PARN) poor performance may have influenced its decision. The animal health products firm is down over 50% from its June IPO price of $10.
    | Comment!
  • Nov. 7, 2014, 11:46 AM
    • Chiropractic clinic operator The Joint Corp. (NASDAQ:JYNT) is set for its IPO of 3M shares of common stock at $9 - 11.
    • The company franchises chiropractic clinics on a non-insurance cash-based model. Patients do not need appointments since they are handled on a walk-in basis Its current network is 225 locations.
    • The company's value proposition is lower prices due to the elimination of the administrative costs of third party reimbursement and greater convenience due to longer operating hours and walk-in access. For the period 2010 - 2013, the company's clinics attracted an average of 540 - 948 new patients per year compared to the industry average of 364.
    • 2013 performance ($M): Revenues: 5.9 (+113.9%); Operating Expenses: 5.5 (+33.5%); Net Income: 0.2 (+121.2%).
    • 1H 2014 performance ($M): Revenues: 3.2 (+14.5%); Operating Expenses: 3.6 (+32.8%); Net Loss: (0.3) (-331.8%).
    • S-1
    | Comment!
  • Nov. 7, 2014, 11:03 AM
    • IPO medical device maker Nevro (NVRO -0.4%) holds on to yesterday's opening day pop. Shares are up 40% from the $18 offer price.
    • The company's product is the Senza spinal cord stimulation system for the treatment of chronic pain. It submitted its PMA to the FDA in June 2014 and expects to initiate the U.S. commercial launch by early 2016, if approved. Revenues since inception have been generated from Sensa sales in Europe and Australia.
    • Over 2,500 patients have received the device to date.
    • 2013 performance ($M): Revenues: 23.5 (+29.1%); Operating Expenses: 39.2 (+31.5%); Net Loss: (26.0) (-36.8%).
    • 1H 2014 performance ($M): Revenues:14.2 (+27.9%); Operating Expenses: 23.4 (+17.6%); Net Loss: (14.5) (-1.4%).
    • Prospectus
    | Comment!
  • Nov. 6, 2014, 1:59 PM
    • Biosimilar firm Coherus BioSciences (NASDAQ:CHRS) encounters less-than-expected investor interest in its first day of trading. Shares are off more than 5% from the $13.50 IPO price.
    • The late-clinical-stage biotech's lead product is an anti-TNF (tumor necrosis factor) biosimilar to Amgen's (AMGN +0.9%) Enbrel (etanercept) currently in Phase 3 development.
    • The company generates no revenue at present. Its net loss was $53.6M in 2013 and $50.1M in 1H 2014.
    • S-1
  • Nov. 5, 2014, 1:42 PM
    • INC Research Holdings (Pending:INCR) is set for its IPO of 8,108,108 shares of common stock at $17 - 20.
    • The company is a contract research organization (CRO) that focuses on Phases 1 - 4 clinical development services for the biopharmaceutical and medical device industries. As of September 30, 2014 the firm employed 5,500 people in 50 countries across six continents.
    • 2013 performance ($M): Total Revenues: 995.1 (+14.6%); Net Service Revenues: 652.4 (+12.7%); Operating Income: 31.4 (+183.7%); Net Loss: (41.5) (+29.8%); Loss Per Share: ($0.81) (+28.9%); CF Ops: 37.3 (-13.3%).
    • 2014 (9 mo.) performance ($M): Total Revenues: 851.1 (+14.8%); Net Service Revenues: 596.0 (+24.7%); Operating Income: 45.2 (+123.8%); Net Income: 26.3 (+92.0%); EPS: 0.50 (+189.3%); CF Ops: 117.3 (+846.0%); Quick Assets (pro forma as adjusted): 106.0.
    • S-1
    | Comment!
  • Nov. 5, 2014, 1:27 PM
    • The First Trust Emerging Markets Local Currency Bond ETF (NASDAQ:FEMB) is an active fund that seeks to maximize total return and income, while also minimizing volatility, by investing in bonds that are denominated in the issuer's local currency.
    • Another active fund, the First Trust Low Duration Mortgage Opportunities ETF (NASDAQ:LMBS) will invest at least 80% of its net assets in investment-grade, mortgage-related debt securities and other mortgage-related instruments in the search of current income for investors.
    • "These funds provide a strategy for investors to gain exposure to two fixed income sectors in which we believe in-depth research and analysis, along with ongoing surveillance, can add significant value for investors," said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust, in a press release.
    • The third fund launched by the group today was the First Trust International IPO ETF (NASDAQ:FPXI), which tracks a basket of the 50 largest and typically most liquid companies that are domiciled outside the U.S. within the IPOX Global Composite Index.
    • Other emerging market bond ETFs: EMB, PCY, ELD, EMLC, VWOB, LEMB, EMAG, EBND, EMSH
    • Other mortgage REIT ETFs: REM, MORL, MORT
    • Other IPO ETFs: FPX, IPO, IPOS
    | Comment!
  • Nov. 5, 2014, 1:12 PM
    • Xenon Pharmaceuticals' (NASDAQ:XENE) IPO of 4M shares of common stock at $9 debuted today. Initial interest is a bit tepid despite discounting the offer price from the original range of $10 - 12. Shares currently exchange hands at $9.69 (+7.7%) on turnover of only 455K.
    • Previously: Xenon Pharma on deck for IPO
    | Comment!
  • Oct. 20, 2014, 1:48 PM
    • Santa Barbara, CA-based Sientra (Pending:SIEN) is set for its IPO of 5M shares of common stock at $14 - 16.
    • The medical aesthetics company sells a variety of implants to plastic surgeons, including tissue expanders as well as body contouring and facial implants. Its primary products are silicone breast implants, offered in over 120 variations in size, shape and texture.
    • 2013 Operating Results ($M): Revenues: 35.2 (+238.5%); Gross Profit: 26.6 (+228.4%); Operating Expenses: 44.8 (+42.2%); Operating Loss: (18.2) (+22.2%); Net Loss: (19.1) (+18.4%); Cash Burn Ops: (25.9) (+13.1%).
    • 1H 2014 Operating Results ($M): Revenues: 21.9 (+22.3%); Gross Profit: 16.5 (+21.3%); Operating Expenses: 19.1 (-15.9%); Operating Loss: (2.6) (+71.7%); Net Loss: (1.2) (+87.5%); Quick Assets: 21.6 (pro forma as adjusted: 88.4); CF Ops: 2.2 (+119.0%).
    • S-1
    • ETFs: IBB, BIB, BIS (IPO +0.8%)
    | Comment!
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IPO Description
The Renaissance IPO ETF (the “Fund”), a series of Renaissance Capital Greenwich Fund (the “Trust”), seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Renaissance IPO Index (the “Index”). The Index, designed by IPO research firm Renaissance Capital International, LLC (the “Index Provider”), is a portfolio of newly U.S.-listed initial public offerings of companies (“IPOs”) whose unseasoned equities are under -represented in core U.S. equity indices. IPOs that meet liquidity and operational screens are included in the Index at the end of the fifth day of trading, or upon quarterly reviews, weighted by tradable float, capped at 10% and removed after two years. The Index has been constructed using a transparent and rules-based methodology.
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