With just nine biotech IPOs over the last three years, the first listing for 2025 is in process, with several expected to follow. Tetratherix is due to list at the end of this month with a $25 million raise at $2.88 per share. The company will have a market capitalisation of $145 million upon listing.
Tetratherix IPO Details
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Issue Price: $2.88 per share
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Shares Offered: 12.15 million
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Funds to be Raised: $25 million
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Market Capitalisation (Undiluted) on Listing: Approx. $145 million
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Offer Closing Date: 17 June 2025
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Expected Listing Date: 30 June 2025
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Lead Managers: Barrenjoey, Morgans
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ASX Code: TTX
Company Background & Technology
Formerly named Trimph Holdings, Tetratherix is an Australian biomedical company specialising in regenerative medicine and drug delivery. Founded by Dr. Ali Fathi and Terence Abrams in 2015, the company has developed Tetramatrix, a fully synthetic, injectable biomaterial designed to support tissue regeneration. This platform is biomimetic, resorbable, and does not induce foreign body reactions (commonly seen with biologics), making it suitable for minimally invasive applications.
The Tetramatrix technology has demonstrated its efficacy in a range of settings, mainly bone regeneration. For example, in a dental socket study, Tetramatrix was mixed with bone graft materials and implanted in the sites. The treated patients healed uniformly and suffered minimal inflammation, while the control-group patients’ dental sites were "filled with fibrovascular inflammatory tissues."
From a 2023 study, the Tetramatrix carrier was shown to control the release of encapsulated drugs over a long period of time, regardless of the compounds’ properties. Both in vitro and in vivo animal studies showed that "the released drugs from the [matrix] remained potent and bioactive," confirming the high potential of the polymer system. In another 2023 study, the Tetramatrix carrier was investigated for delivery of bone growth materials in animals, with impressive positive results.
The Tetramatrix scaffold is counterintuitively a liquid when cold, but a tough putty at body temperature.
Business Model & Product Applications
Tetratherix aims to commercialise its Tetramatrix hydrogel platform across various therapeutic areas. Its model is to partner with distributors, generating revenue from licensing fees. Importantly, the company intends to maintain manufacturing in-house, which is a sound strategic decision. Part of the funds raised in the IPO will go towards a larger manufacturing facility.
The company has five initial products. The first is for dental applications (Tegenix) for bone regeneration, that can be used on its own or with a bone graft material. FDA approval is anticipated in the first half of next year. It has a ‘partnership master agreement’ with Henry Schein (revenue of US$12.3 billion in 2023), with the next phase being to complete a supply and licensing agreement. It is expected that Tetratherix will supply 30,000 units at a set price to Henry Schein in 2027 for ‘market seeding’ purposes.
The second application (called TegenEOS), also in bone regeneration, is for orthopedic applications. This product is also expected to gain FDA clearance next year. The company is in the final stages of negotiating a co-development agreement with a major medical device company.
The technology also has a potential application in oncology (initially to protect tissue in prostate cancer radiation therapy). This is currently being progressed through a joint venture. A first-in-human study is the next milestone, with approval planned for late 2028.
There is an application to be used as a surgical tool in ophthalmic procedures such as cataract surgery. Clinical studies are expected to start in 2027 with approval potentially in 2029.
The fifth application identified is for use in wounds to prevent scarring. The technology has been trialed in eight patients successfully. The concept is that the polymer reduces mechanical tension and dead space in wounds prior to sealing, given its adhesive and elastic properties. Studies have progressed to more complex wounds, with approval expected around four years away.
In 2023, Tetratherix entered into a collaboration with Ab Initio Pharma to adapt the technology for mucosal drug delivery, specifically for intranasal mRNA vaccines. Under the agreement, Tetratherix retains ownership of its underlying material IP, while Ab Initio contributes formulation know-how and commercialisation responsibility for RNA therapeutics.
Funds Raised to Date
To date, the company has raised $21 million, including $8.5 million in convertible notes around the start of this year.
Note: Investors are required to read the prospectus prior to subscribing to the Offer. (www.tetratherix.com/investors/)
Bioshares recommendation: Not covered
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