Culminating a process that began last July, ZAG/Sullivan advised Therapix Biosciences Ltd. (NASDAQ: TRPX, TASE: THXBY) on its initial public offering of American Depositary Shares in the United States, which debuted on Nasdaq last week (and is still trading well above its initial price).
Therapix is a specialty clinical-stage pharmaceutical company focused on creating and enhancing a portfolio of technologies and assets based on cannabinoid pharmaceuticals. The company has initiated two internal drug development programs based on repurposing an FDA-approved synthetic cannabinoid (dronabinol): Joint Pharma developing THX-TS01 targeted to the treatment of Tourette Syndrome, and BrainBright Pharma developing THX-ULD01 targeted to the treatment of mild cognitive impairments.
Therapix raised a total of $13.8 million (including full exercise of the underwriters’ overallotment option), which it plans to use to advance the formulation and clinical development efforts for its two lead product candidates, including Phase II clinical trials, and for working capital and other general corporate purposes. Laidlaw & Company (UK) Ltd. acted as sole book running manager for the offering.
The ZAG/Sullivan team consisted of attorneys from Boston, New York and Tel Aviv, including Howard Berkenblit and Oded Har-Even, as well as Shy Baranov, Rob Condon, Ron Ben-Bassat, Boaz Shiffman and Hila Nahum.