Viamet Pharmaceuticals Holdings LLC. (Pending: VMET) expects to raise $76.8 million in its upcoming IPO. Based in Durham, North Carolina, Viamet Pharmaceuticals is identifies and develops novel anti fungal agents through its own chemistry platform.

Viamet Pharmaceuticals will offer 5.7 million shares at an expected price range of $14 to $16.

VMET filed for the IPO on April 8, 2016.

Lead Underwriters: Goldman Sachs and Morgan Stanley

Underwriters: Guggenheim Securities and Needham & Company

Business Summary: Pharmaceutical that Identifies and Develops Antifungal Agents

(Source)

As described in its SEC filings, Viamet Pharmaceuticals identifies and develops novel antifungal agents through a “metalloenzyme chemistry platform”. Its product candidates include VT-1161, an oral agent currently in Phase II clinical trials for the treatment of acute candidiasis and interdigital tinea pedis (a dermatological infection). Viamet is also developing VT-1129, an oral treatment for cryptococcal meningitis, and VT-1598 (preclinical development) as an oral and intravenous therapy for invasive fungal infections.

The company’s biology and chemistry technology platform enables the identification of highly differentiated metalloenzyme inhibitors across a wide range of therapeutic applications. They call this platform MIDAS (metalloenzyme inhibitor design and synthesis). Metalloenzymes are distinct from other enzymes in that they contain a metal, such as zinc or iron, at the core. The metal has been a target for therapeutic intervention, and approximately 10 percent of all drugs currently on the market work by inhibiting metalloenzymes.

The company intends to use the proceeds of the IPO for funding further development on its lead product candidate, VT-1161 for onychomychosis and RVVC, VT-1129 for the treatment of cryptococcal meningitis, and VT-1598 for the treatment of Valley Fever. The remainder of the proceeds will be used for research, additional product development, working capital and other general corporate purposes.