Biolingus, developer of orally administered versions of GLP-1 diabetes drugs, has filed for a proposed USD 47 million US initial public offering. The biotech company said in a filing that it is looking to offer 3M shares priced between USD 15 and USD 16, which would raise around USD 47M if priced at the midpoint.
Biolingus intends to list its shares on Nasdaq under the symbol SUBL.
Incorporated in the Cayman Islands, Biolingus operates through subsidiaries in Switzerland, China, Hong Kong and Australia. The company posted a fiscal 2022 net loss of USD 1.4M with no revenue.
Biolingus has been developing formulations of GLP-1 diabetes drugs that can be administered through a pill that is dissolved under the tongue. It's lead product, a sublingual version of liraglutide, is in Phase 1 testing. The company is also developing sublingual formulations of exenatide, semaglutide and insulin.