Entera Bio raises $275m for Phase III osteoporosis drug trial

Israeli drug developer Entera Bio raised $275 million in a private placement to fund a Phase III osteoporosis trial and operations through 2030. The investment, led by existing investor BVF Partners with new investors, represents a major boost for the company, which had a $101 million market cap before the announcement.

Israeli drug development company Entera Bio (Nasdaq: ENTX) has announced a $275 million private placement, a major investment relative to its pre-announcement market cap of $101 million. The funds will finance the company until 2030, including a Phase III trial for its lead oral osteoporosis drug, which if successful would allow an FDA marketing approval application. The placement was led by existing investor BVF Partners, with new investors including Longitude Capital, Vivo Capital, TCGX, Spruce Street Capital, Venrock Healthcare Capital Partners, RA Capital Management, Perceptive Advisors, Driehaus Capital Management, Logos Capital, and Catalio Capital Management. The price per share was $2.04, close to the $2.05 opening price; shares later rose 75% to $3.57. CEO Miranda Toledano, who joined in 2022 after the company had four CEOs in four years, said Entera has transformed its management, pipeline, and regulatory track. The company develops oral replacements for injectable peptide and protein drugs. It was founded on technology from Ormed, a TASE-listed company with a market cap of NIS 522 million, which is entitled to royalties if the drug reaches market. Entera also has a collaboration with Opko for three products, including a parathyroid drug entering trials this year and early-stage metabolic drugs combining GLP1 and glucagon.