Impel CEO Adrian Adams. (Impel Photo)
The news: Seattle-based biotech company Impel NeuroPharma raised $80 million in its initial public offering and will begin trading on the NASDAQ Friday under the ticker IMPL. It is the first Washington state company to go public in 2021 via a traditional IPO.
Company background: Founded in 2008, Impel is a late-stage pre-revenue pharma company that develops drugs for central nervous system disorders such as migraines and Parkinson’s. It is 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.
Leadership: 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.
Funding: The company has raised $140 million to date from backers including KKR, Norwest Venture Partners, 5AM Ventures, Vivo Capital, and VenBio Partners.
IPO numbers: Impel priced shares at $15, the midpoint of its range, and is valued at more than $300 million.