In today’s briefing:
- GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks
- Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player
- Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue
- Cleanspace Holdings Ltd – Innovator in a specialised global market
- PMV Pharmaceuticals: Evaluating Cash Position and Strategic Options Amid Upcoming Trial Results and Shareholder Pressure
- MGRM: Monogram to be acquired by large medical device company Zimmer Biomet.
GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks
- GNI Group (2160 JP) is looking to raise around US$100m from a primary placement (after upsize).
- The deal is a small one, representing 2.4 days of the stock’s three month ADV, despite being 9.0% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player
- Sinotau, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The book runner is CICC.
- In this insight, we look at the company’s core products, XTR008, XTR006, XTR004, and XTR003, including its mechanism and clinical data.
- We also look at the company’s pre-IPO investors and management team.
Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue
- Carlsmed, Inc. (CARL) priced a full-size deal of 6.7mm shares at $15.00 (midpoint of the range) and opened at $15.00.
- There were concerns with the color coming from the book as the underwriters failed to provide price guidance to investors the day of pricing on the deal.
- Given that the deal “broke” on day one, we believe investors “may” be turned off by the company in the short term.
Cleanspace Holdings Ltd – Innovator in a specialised global market
- CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables.
- Specialising in powered air purifying respirators (PAPRs), CleanSpace is known for its compact, lightweight, ergonomic units that do away with the need for belts and hoses to provide filtered air to workers.
- A scan through competitor websites reveals that belt and hose units remain the dominant design, providing CSX with a real opportunity to take market share (RaaS estimates CSX has ~1.2% of the global industrial market in FY25).
PMV Pharmaceuticals: Evaluating Cash Position and Strategic Options Amid Upcoming Trial Results and Shareholder Pressure
- PMVP’s market cap is $72m, with $166m in cash as of Q1, offering substantial discount to net cash.
- Interim trial results for rezatapopt, targeting p53 Y220C mutation, expected soon; ORR of 30%+ seen as success.
- Shareholder pressure significant, with 36% voting against board compensation; potential for strategic review if results disappoint.
MGRM: Monogram to be acquired by large medical device company Zimmer Biomet.
- Monogram Technologies (NASDAQ: MGRM) is a medical device company developing a product solution architecture to enable patient-optimized orthopedic implants at scale by linking 3D printing and robotics with advanced pre-operative imaging.
- On 5/17/25, the company received clearance from the FDA on its 510(k) submission for its mB s TKA System.
- The first live in patient surgery OUS is expected in 2025.
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