A Greenburg Traurig team represented Intec Pharma Ltd. in a public offering that raised $57.5 million that the company intends to use to fund further clinical trials of a product that could improve the treatment of symptoms of advanced Parkinson’s disease.
The platform technology on which the product is based is also part of a proposed medical marijuana drug that is in clinical trials in Israel.
Intec Pharma is a clinical stage biopharmaceutical company focused on developing drugs based on its proprietary Accordion Pill platform technology, which is meant to increase the amount of time a medication is available for absorption in the gastrointestinal tract. The company intends to use money from the recent offering to fund Phase III clinical trials for Accordion Pill Carbidopa/Levodopa for Parkinson’s disease symptoms, as well as for working capital and general corporate purposes.
“Carbidopa and Levodopa are gold standards of Parkinson’s Disease treatment, but they have a very short period of absorption in the body. Because of that, Parkinson’s Disease patients have long periods of time off medication. … They’re effectively off of the medication before they can take the next dose,” said Greenberg Traurig shareholder Joshua Samek. “The Accordion Pill technology takes that same dosage and allows it to be effective in the body for a much longer period of time.”
This month, Intec Pharma announced it had closed its latest offering of 12.2 million shares at $4.70, including a full exercise of the underwriters’ overallotment option. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC in New York represented the underwriters, which included Oppenheimer & Co. Inc. acting as the sole book-running manager, Roth Capital Partners acting as lead manager, and Maxim Group LLC acting as co-manager in the offering.
“One of the reasons that we think there is so much interest in the company is because this technology should work with a number of other drugs,” said Greenberg Traurig shareholder Robert Grossman, who met the client though his extensive work with life sciences companies in Israel. Grossman, although based in Miami, spends considerable time working in Israel, where Greenberg has a multidisciplinary office in Tel Aviv.
The technology may also work with other drugs, including a form of medical marijuana. It also is being used to develop treatments for insomnia and certain types of ulcers.
The offering on the NASDAQ was a significant transaction for the Israeli company, which was also represented by Greenberg Traurig in its 2015 initial public offering. The company intends to have a greater U.S. presence, with new CEO Jeffrey A. Meckler and board chairman Dr. John W. Kozarich based in the U.S.
In addition to Grossman and Samek, the Greenberg Traurig team representing Intec included Eliott Rimon and Seth Entin in Miami, Ilya Ross and Natalie Salem in Boston, Barry Schindler in New Jersey and Ephraim Schmeidler in Tel Aviv.
Intec’s Israeli counsel was Meitar Liquornik Geva Leshem Tal and the underwriters’ Israeli counsel was Gornitzky & Co.