LONDON: RTW Venture Fund Limited’s portfolio company Tarsus Pharmaceuticals Inc. has priced an $88 million initial public offering (IPO) and admission to trade on Nasdaq Global Market under the ticker “TARS”.
Tarsus’ IPO was significantly upsized and oversubscribed, raising $88 million, offering 5.5 million shares at $16.00 per share. On the first day of trading, Tarsus’s share price increased by 28.6% to close at $20.58 per share.
Tarsus is a US-based clinical stage biopharmaceutical company focused on the development and commercialization of first-in-class therapeutics for ophthalmic conditions where there are limited treatment alternatives.
Tarsus’ lead drug candidate, TP-03, is in late-stage clinical trials for the treatment of Demodex blepharitis, a common condition of ocular inflammation of the eyelid margin caused by the infestation of Demodex mites, with no FDA-approved therapies.
The Company and affiliated funds managed by RTW Investments, LP participated in a $40 million Series C financing round in September 2020.
Roderick Wong, MD, Managing Partner and Chief Investment Officer of the Investment Manager, said: “We are delighted to support Tarsus’ recent private financing round and now its successful IPO.
“The addition of Tarsus to the portfolio is a part of our focus on ophthalmology and commitment to invest in innovative therapies that have the potential to transform standard of care. We intend to remain invested post-IPO and support Tarsus’ effort to bring a first-in-class treatment for blepharitis, an eye condition with no approved therapies and large unmet need population.”
Tarsus Pharmaceuticals, Inc. is a late clinical-stage biopharmaceutical company focused on the development and commercialization of therapeutic candidates to address large market opportunities, initially in ophthalmic conditions, where there are limited treatment alternatives.
It is advancing its pipeline to address several diseases across therapeutic categories including eye care, dermatology, and other diseases with high, unmet needs. Its lead product candidate, TP-03, is a novel therapeutic in Phase 2b/3 that is being developed for the treatment of Demodex blepharitis.