IPO of a company developing treatments for eye diseases/Photo: laowaika
Preliminary trading in shares of SpyGlass Pharma has begun on the Freedom customer trading system. This biotech startup is developing a system designed to reduce intraocular pressure in patients with glaucoma and cataracts. Later on February 6, the company's securities will appear on the Nasdaq exchange under the ticker SGP. Click on the SGP ticker to participate.
Details
SpyGlass Pharma raised $150 million in an IPO on the Nasdaq exchange. The company placed 9.4 million shares at $16 - exactly in the middle of the previously announced price range.
The IPO was organized by Jefferries, Leerink Partners, Citigroup and Stifel.
What the company is notable for
SpyGlass Pharma was founded in 2019 by ophthalmic surgeon Malik Kahook and engineer and medical device developer Glenn Sussman. They created the company with the goal of reimagining therapy for chronic eye diseases - through long-term drug delivery.
SpyGlass is developing the BIM-IOL system to monitor the course of the disease. The device is implanted during routine cataract surgery, after which it delivers the drug bimatoprost for three years to reduce the intraocular pressure inherent in glaucoma. It helps restore clear vision by addressing the two main causes of vision loss in a single procedure.
Last November, the company reported the results of a three-year study of the system, noting a 37% reduction in intraocular pressure in patients and no side effects, according to the trade publication Ophthalmology Times.
The funds raised from the IPO SpyGlass planned to spend on financing the final stages of BIM-IOL development, Bloomberg wrote.
According to documents filed with the U.S. Securities and Exchange Commission, the company's net loss increased 30% to $27.3 million for the nine months ended Sept. 30, 2025. It had $106 million in cash on hand at the end of September. In June, SpyGlass Pharma, raised $75 million in a Series D funding round to support its research.
What the analysts are saying
According to IPO expert Donovan Jones, SpyGlass has sufficient capital for the current stage of development, is supported by leading investors in the biotechnology sector, and is headed by an experienced top manager Patrick Mooney, former head of ophthalmology department of Novartis. The analyst expects high institutional demand for the company's securities.
Freedom analyst Alem Bektemirov estimated their fair price at $19.4%, which implies a potential upside of 14% relative to the offering price. Among the main risks for the company, Bektemirov named disapproval of the drug or weak research results, which could significantly affect the share price in the future, as well as competition in the market of vision treatment technologies.
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Freedom clients will be able to get access to SpyGlass Pharma shares before the opening of the main exchange session. Trading will begin in the early pre-market format 2-3 hours before the U.S. exchanges open (from 15:30-16:30 Astana time). To participate, click on SGP ticker.
This article was AI-translated and verified by a human editor
