Company: Liquidia Technologies, Inc.
Symbol: LQDA
Description: They are a late-stage clinical biopharmaceutical company focused on the development and commercialization of human therapeutics using our proprietary PRINT technology to transform the lives of patients.
Trade Date: 7/26
Shares: 4.54 million
Price Range: $10.00-$12.00
Underwriter(s): Jefferies, Cowen
Co-Manager(s): Needham & Co., Wedbush PacGrow
Terms Added: 7-13-18
Business: They are a late-stage clinical biopharmaceutical company focused on the development and commercialization of human therapeutics using their proprietary PRINT® technology to transform the lives of patients. PRINT is a particle engineering platform that enables precise production of uniform drug particles designed to improve the safety, efficacy and performance of a wide range of therapies. They are currently focused on the development of two product candidates for which they hold worldwide commercial rights: LIQ861 for the treatment of pulmonary arterial hypertension, or PAH, and LIQ865 for the treatment of local post-operative pain. Their lead product candidate, LIQ861, is being evaluated in a Phase 3 trial. LIQ861 is a dry powder formulation of treprostinil designed to improve the therapeutic profile of treprostinil by enhancing deep-lung delivery and achieving higher dose levels than current inhaled therapies. They have applied their PRINT technology to enable them to deliver LIQ861 through a convenient, disposable dry powder inhaler, or DPI. They have also applied their PRINT technology to their second product candidate, LIQ865, for which they have recently completed a Phase 1b clinical trial. LIQ865 is designed to deliver sustained-release particles of bupivacaine, a non-opioid anesthetic, to treat local post-operative pain for three to five days through a single administration. In addition to developing their two product candidates, they collaborate, and intend to collaborate, with leading pharmaceutical companies to develop their own product candidates across a wide range of therapeutic areas, molecule types and routes of administration, leveraging their PRINT technology.
Insider Buying: Certain existing investors have indicated an interest in purchasing an aggregate of up to $30.0 million of shares of their common stock in this offering at the initial public offering price.
Licensing Agreement: They are party to a licensing agreement with GSK (Glaxosmith Kline) pursuant to which GSK has exercised an option to exclusively license our PRINT technology for applications in certain inhaled therapies, or the GSK ICO Agreement. We previously entered into a separate licensing agreement with GSK relating to the field of vaccines, or the GSK VCO Agreement, which lapsed in April 2016. They have historically received a significant portion of their revenue from GSK pursuant to these licensing agreements. For the years ended December 31, 2016 and 2017, their revenue attributable to their collaboration and licensing arrangements with GSK, which included a combination of billings for particle formulations, manufacturing, milestone payments and amortization of deferred revenue from up-front fees, accounted for 90% and 84%, respectively, of our total revenue. For the three months ended March 31, 2017 and 2018, their revenue attributable to their collaboration and licensing arrangements with GSK accounted for 92% and 47%, respectively, of their total revenue.
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