BioVie liver disease carve-out Option Therapeutics decreases shares offered by 20% ahead of $20 million IPO
IPO Overview
Option Therapeutics, a Phase 2 liver disease biotech spun out of BioVie, lowered the proposed deal size for its upcoming IPO on Monday.
The Carson City, NV-based company now plans to raise $20 million by offering 1.8 million shares at a price range of $10 to $12. The company had previously filed to offer 2.3 million shares at the same range. At the midpoint, Option Therapeutics will raise -20% less in proceeds than previously anticipated.
The company focuses on the development of therapeutic candidates for the treatment of serious and life-threatening liver diseases. The lead product, BIV201, is being evaluated for the treatment of complications associated with advanced liver cirrhosis and is patent-pending in U.S., China, Japan, Chile, and India. Option Therapeutics has yet to generate revenue.
Option Therapeutics was founded in 2025. It plans to list on the NYSE American under the symbol OPTN. ThinkEquity is the sole bookrunner on the deal.
About the Company
We are a clinical-stage company developing innovative drug therapies to treat debilitating and life-threatening liver disease through our investigational drug candidate BIV201 （continuous infusion terlipressin）。 BIV201 has been granted both Food and Drug Administration （“FDA”） Fast Track designation status and FDA Orphan Drug Status, which designations provide certain advantages in the review process, but do not guarantee a faster development process, regulatory review or approval as compared to the conventional FDA review and approval process. BIV201 is being evaluated as a treatment option for patients suffering from ascites and other life-threatening complications of advanced liver cirrhosis caused by metabolic dysfunction-associated steatohepatitis （“MASLD”）， hepatitis, and alcoholism. BIV201 is administered as a patent-pending liquid formulation of terlipressin with patents issued, to date, in the U.S., China, Japan, Chile, and India. We currently are, and at all times prior to the completion of this offering will be, a wholly owned subsidiary of BioVie, and all of the outstanding shares of our common stock are owned by BioVie. As a result, we have never operated as a standalone company. As a result, BioVie will be able to exercise control over all matters requiring stockholder approval, including the election of our directors and approval of significant corporate transactions.
