Starting from drugs that have to be injected today, Biolingus is working on products that can be taken sublingually in the future. The Swiss-based company has filed for an IPO with the objective of raising close to USD50 million.
Since its inception in 2014, Biolingus has focused on developing sublingual delivery. The sublingual area lies under the tongue and is lined by a thin layer of cells which has a rich supply of blood vessels. Sublingual delivery has been successfully used commercially for many years to deliver a variety of so-called small molecule drugs. Biolingus’ goal is to similarly exploit the unique nature of the sublingual area to effectively deliver peptides and proteins. The main peptide used to improve the technology was exenatide, which was the first commercial glucagon-like peptide (GLP-1) receptor protein product and is routinely used to treat type 2 diabetes.
Using its OPUS technology, BioLingus develops oral versions of products which are currently only available in the form of injections, mainly in the areas of diabetes and obesity. BioLingus expects that the conversion rate from injectable to oral formulations will be up to 80% (based on market research with endocrinologists and diabetologists).
The first product candidate Sublingual Liraglutide is being tested in a Phase 1b / 2a clinical trial. The phase Ib/IIa is a “dose-finding study”: the goal is – as the name says – to find an optimal dose range in humans; this is a relatively short study, which lasts 6-9 months. The trial begun in late April 2023, when the first patient was successfully enrolled and dosed, and is taking place at the Clinical Trials Centre of the Chinese University of Hong Kong. In total, 15 patients will be enrolled in the trial, which is being conducted as a single ascending dose study of sublingual liraglutide in patients with type 2 diabetes, with the main endpoints related to safety, tolerability and preliminary efficacy. As of May 29, 2023, 1 of 15 patients had been enrolled.
Biolingus has now filed for an IPO on Nasdaq. The company plans to offer 3 million share priced between USD15 and 16. This would provide Biolingus with between USD45 and 49 million. The company reported a fiscal 2022 net loss of $1.4M with no revenue.
The holding company of Biolingus is incorporated in Cayman Islands. The principal place of business is in Switzerland. All of operations are conducted through the subsidiaries in Switzerland and to a lesser extent, Hong Kong, the People’s Republic of China and Australia.
(Press release / SK)
Please login or sign up to comment.
Commenting guidelines