Seattle-based biotech company Impel NeuroPharma is set to go public. The company, which develops drugs for central nervous system disorders such as migraines and Parkinson’s, submitted paperwork on Friday for a $75 million IPO.
Founded in 2008, Impel is a late-stage pre-revenue pharma company known for its Precision Olfactory Delivery (POD) platform, which sends drugs into the nasal cavity with the goal of penetrating the blood-brain barrier and targeting the organ more directly than is possible with pills or injected drugs. Its lead candidate, a drug that treats migraines called TRUDHESA, is going through the FDA’s New Drug Application process.
The company has raised $140 million to date from backers including KKR, Norwest Venture Partners, 5AM Ventures, Vivo Capital, and VenBio Partners. Impel was co-founded by John Hoekman, who first developed the POD system while in graduate school at the University of Washington. The company is led by Adrian Adams, a biotech vet who took over for Jon Congleton last year.
Impel plans to trade under the ticker IMPL on the Nasdaq. It would be the first Washington state company to go public in 2021 via a traditional IPO.
