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Iroko Pharmaceuticals (IRKO)

By  +Follow July 30, 2013 9:47AM
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With corporate office in Philadelphia, PA, Iroko Pharmaceuticals ($IRKO) scheduled a $100 million IPO with a market capitalization of $496 million at a price point mid-range of $15.50, for Wednesday, July 31, 2013.  The actual company is incorporated in the British Virgin Islands.

SIx other IPOs are scheduled for the week of July 29. The full IPO calendar can be found at IPOpremium.

F-1A filed July 18, 2013

Manager, Joint Managers:  Jefferies; William Blair; Canaccord Genuity
Co-Manager:  Oppenheimer

Summary

IRKO is a biopharmaceutical company with an accumulated deficit of $131 million, declining sales, very large losses, with a ‘going concern’ statement in the SEC filing.

Going concern statement

“Our recurring losses and negative cash flows from operations raise substantial doubt about our ability to continue as a going concern.”

Valuation

Valuation Ratios

IPO Mrkt

Price /

Price /

Price /

Price /

% offered

annualizing Q1 ’13

Cap (mm)

Sls

Erngs

BkVlue

TanBV

in IPO

Iroko Pharmaceuticals (IRKO)

$496

112.7

-8.4

3.1

4.0

20%

Conclusion

The IRKO IPO is a train wreck, avoid.

Business

IRKO currently markets two approved products, Indocin® (indomethacin) and Aldomet® (methyldopa). IRKO sells these products in the U.S. and seven European countries: Austria, Belgium, France, Italy, Portugal, Spain and Switzerland. In addition, IRKO receives royalties from rest of world sales generated by the licensee, Aspen Pharmacare Holdings Limited and its subsidiaries.

IRKO’s pipeline includes six submicron NSAID product candidates, four in late-stage development and two that are preclinical. Late-stage product candidates are Zorvolex™, Tiforbex™, submicron meloxicam and submicron naproxen. Late-stage product candidates include both acute and osteoarthritis pain indications in adult patients. Two product candidates in preclinical development are submicron celecoxib and submicron ibuprofen.

Weak intellectual property

“all of our rights to patents and patent applications are exclusively licensed from iCeutica and we currently do not own or license any issued U.S. patents with respect to any of our proposed products.”

Financing history

IRKO has financed operations primarily through private placements of Iroko Intermediate’s common stock and preferred stock as well as a revolving credit facility.

From our inception through March 31, 2013, IRKO received net proceeds of $107.9 million, $49.5 million and $15.0 million from the sale of Iroko Intermediate’s common and preferred stock, the revolving line of credit and notes payable, respectively.

Incorporation history, why the ‘intrigue’

In September 2012, IRKO was incorporated under the laws of the British Virgin Islands. In December 2012, IRKO became a wholly owned subsidiary of Cordial Investments Inc. also incorporated under the laws of the British Virgin Islands. Vollin Holdings Limited, or Vollin, and affiliates of Phoenix IP Ventures-III, LLC, or Phoenix IP Ventures, own 100% of the outstanding voting shares of Cordial.

Prior to our incorporation, Vollin and Phoenix IP Ventures formed Iroko Intermediate Holdings, Inc.  a Delaware corporation, and a subsidiary of Iroko Holdings S.A., a Luxembourg societe anonyme. At such time, Vollin and Phoenix IP Ventures owned 100% of the outstanding voting interests of Iroko Holdings S.A. In August 2010, Iroko Intermediate acquired Iroko Holdings LLC, a Delaware limited liability company the parent of Iroko Pharmaceuticals, LLC, a Delaware limited liability company, and the primary operating company. In December 2012, all of the shares of stock of Iroko Intermediate held by Iroko Holdings S.A. were transferred to IRKO.

Pre-IPO shareholder

Cordial Investments Inc. , 99.4%

Use of proceeds

IRKO expects to net $90 million from its IPO.
Proceeds are allocated for for working capital, and other general corporate purposes.

Results for irko
Svelteei
18 Apr 14 02:37:23
$IRKO Iroko Pharma cancels IPO, citing http://t.co/j00SWYzG9S
North Carter
17 Apr 14 18:40:45
$IRKO Iroko Pharma cancels IPO, citing http://t.co/OiaY1ymGhO
Lars Anders
17 Apr 14 15:23:05
$IRKO Iroko Pharma cancels IPO, citing http://t.co/5iLAv2M2Ys
immoderacyf
17 Apr 14 12:57:25
$IRKO Iroko Pharma cancels IPO, citing http://t.co/XhiWaTvVju
Luther Cox
17 Apr 14 10:11:12
$IRKO Iroko Pharma cancels IPO, citing http://t.co/FTDZkz83XM
Ambrose Long
17 Apr 14 07:15:49
$IRKO Iroko Pharma cancels IPO, citing http://t.co/STV4gKR47H
Money Smith
17 Apr 14 06:18:15
$IRKO Iroko Pharma cancels IPO, citing timin http://t.co/BsQ1tc37uu
North Hille
17 Apr 14 05:15:37
$IRKO Iroko Pharma cancels IPO, citing http://t.co/BCbn1Sz6qa
Crew Daily
17 Apr 14 03:58:50
$IRKO Iroko Pharma cancels IPO, citing http://t.co/jDLj7dOasK
Jaydan Gelson
17 Apr 14 03:06:54
$IRKO Iroko Pharma cancels IPO, citing http://t.co/FhUzsgoYl3
Thad Bannister
16 Apr 14 20:13:39
$IRKO Iroko Pharma cancels IPO, citing http://t.co/r4EOtVqaWe
Basil Gall
16 Apr 14 19:33:41
$IRKO Iroko Pharma cancels IPO, citing http://t.co/T1gui8ak0t
Esau Brennanl
16 Apr 14 19:29:39
$IRKO Iroko Pharma cancels IPO, citing timin http://t.co/U6XyHnoBvK
Mind Equity
16 Apr 14 18:50:28
$IRKO Iroko Pharma cancels IPO, citing http://t.co/7ittZGkAXF
Cecily Humphrey
16 Apr 14 10:32:17
$IRKO Iroko Pharma cancels IPO, citing http://t.co/n7y3V3jlP3
Ward Anders
16 Apr 14 07:04:08
$IRKO Iroko Pharma cancels IPO, citing http://t.co/noVQptww47
Octavio Van
16 Apr 14 04:54:32
$IRKO Iroko Pharma cancels IPO, ci http://t.co/4MeKUrzHVt
Research Maven
16 Apr 14 02:01:47
$IRKO Iroko Pharma cancels IPO, citing timin http://t.co/a5YubS2Byt
Teo Black
15 Apr 14 14:36:37
$IRKO Iroko Pharma cancels IPO, citing http://t.co/ACHmQSyzlS
Robin Cage
15 Apr 14 12:45:47
$IRKO Iroko Pharma cancels IPO, ci http://t.co/Epbv7XZmHj
Yahaira Landry
15 Apr 14 10:40:58
$IRKO Iroko Pharma cancels IPO, ci http://t.co/CzWT9qf3x0
Colene Engi
15 Apr 14 06:35:29
$IRKO Iroko Pharma cancels IPO, citing http://t.co/CAdMib5ieY
Finance Wire
15 Apr 14 04:23:04
$IRKO Iroko Pharma cancels IPO, citing http://t.co/W4KWADLyoU
Belia Deleon
15 Apr 14 04:10:39
$IRKO Iroko Pharma cancels IPO, ci http://t.co/wGQwFFu3Sz
Nixon Brown
14 Apr 14 20:42:39
$IRKO Iroko Pharma cancels IPO, citing http://t.co/LjThTRQrvO
Kamren Dissana
14 Apr 14 20:24:35
$IRKO Iroko Pharma cancels IPO, citing http://t.co/nRLzQjRvLK
Kohen Fisher
14 Apr 14 20:04:24
$IRKO Iroko Pharma cancels IPO, citing http://t.co/1h4jBoApAC
Hermina Ochoark
14 Apr 14 17:46:55
$IRKO Iroko Pharma cancels IPO, ci http://t.co/X9nu8RJb1T
Cheyenne Elias
14 Apr 14 15:01:28
$IRKO Iroko Pharma cancels IPO, citing http://t.co/Aoemo1lFIY
Aide Lemmon
14 Apr 14 11:13:25
$IRKO Iroko Pharma cancels IPO, citing http://t.co/eRj6NNubkT
Laci Jack
14 Apr 14 10:40:28
$IRKO Iroko Pharma cancels IPO, citing http://t.co/RveBKbM1pU
Louie O'Malley
14 Apr 14 04:31:54
$IRKO Iroko Pharma cancels IPO, citing http://t.co/Jx8Rgjl3A1
Brice Latimer
13 Apr 14 11:37:53
$IRKO Iroko Pharma cancels IPO, citing http://t.co/4DSFdmS5rs
Boaz Boulstridge
13 Apr 14 11:36:21
$IRKO Iroko Pharma cancels IPO, ci http://t.co/nusYghnBMm
The Amazing Seven
13 Apr 14 04:52:59
$IRKO Iroko Pharma cancels IPO, citing http://t.co/1ozuq4EKaE
Financial Alerts
12 Apr 14 15:16:44
$IRKO Iroko Pharma cancels IPO, citing http://t.co/kFiB8XSFxc
Braylin McQuillen
12 Apr 14 03:21:01
$IRKO Iroko Pharma cancels IPO, citing http://t.co/KDqS414G0r
Krishna Almanzak
11 Apr 14 19:13:55
$IRKO Iroko Pharma cancels IPO, citing http://t.co/k77dHdZtVx
Boaz Boulstridge
11 Apr 14 17:32:25
$IRKO Iroko Pharma cancels IPO, ci http://t.co/uWHaMEIxgy
Deon Carter
11 Apr 14 17:23:03
$IRKO Iroko Pharma cancels IPO, citing http://t.co/ZoJcSwOZvV
Lars Anders
11 Apr 14 17:19:34
$IRKO Iroko Pharma cancels IPO, ci http://t.co/7bXlX14mfF
Silvana Orozco
11 Apr 14 14:12:55
$IRKO Iroko Pharma cancels IPO, citing http://t.co/dGC9BdyiHU
Abdul Mckinnon
11 Apr 14 12:29:54
$IRKO Iroko Pharma cancels IPO, citing http://t.co/JVsLe9ZXXH
Mendy Feliciano
11 Apr 14 12:14:16
$IRKO Iroko Pharma cancels IPO, citing http://t.co/sCwKCUq8Yb
Gold Stock News
11 Apr 14 10:21:29
$IRKO Iroko Pharma cancels IPO, citing http://t.co/eKCZmsU8sj
Pike Dean
11 Apr 14 08:22:18
$IRKO Iroko Pharma cancels IPO, citing http://t.co/Kp2mjX3qrZ
Jama Dahl
11 Apr 14 07:54:09
$IRKO Iroko Pharma cancels IPO, citing http://t.co/aItlnr0TB8
Hamish Jackson
11 Apr 14 05:38:35
$IRKO Iroko Pharma cancels IPO, citing http://t.co/c8NZGMsWiB
				
				
By  +Follow July 30, 2013 9:47AM
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