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Drug firm Cennerv makes 2nd bid for Catalist listing

The Straits Times

Singapore-based biotech Cennerv Pharmaceuticals is making a second attempt at listing on the Catalist board.

It lodged a new preliminary offer document on Wednesday but details of the pricing, amount to be raised and timing of the initial public offering (IPO) have yet to be announced. The firm first registered a preliminary prospectus for a planned listing in September last year.

Cennerv is developing products to treat disorders such as insomnia, dementia, schizophrenia and autism.

Its two leading drugs are Phase 2 candidates, with one to treat insomnia and the other to regulate mood, cognition and behaviour.

Phase 2 is the second stage for clinical trials that test whether a drug is effective for the problem it is meant to treat.

The firm's other three main products are in the pre-clinical phase.

Cennerv has focused on developing these five products and has yet to monetise any of them. As a result, it has not generated any revenue in the past three financial years and in the first nine months of last year.

It reported losses of between $1.6 million and $1.7 million for the 2015 to 2017 financial years.

Its net loss widened by 48.2 per cent to $1.84 million for the nine months to Sept 30 last year, compared with the same period a year earlier.

This came on the back of an increase in employee compensation arising from consultancy expenses and the payment of professional fees for the listing application, the company said.

Its offer document noted that listing-related expenses accounted for about $536,000 of its professional fees for the nine-month period last year, up from $108,000 in 2017.

The IPO proceeds will be used to acquire a 60 per cent stake in United States drug developer Gemini Therapeutics and to further develop its products with the rest earmarked for working capital purposes, the company said.

PrimePartners Corporate Finance is the sponsor, issue manager and placement agent for the IPO.