Peplin pulls IPO

Peplin (ASX:PLI) said on Tuesday it withdrew its U.S. IPO and plans to pursue alternative financing options. The company had been seeking to raise up to US$75 million on NASDAQ. Also on Tuesday, Peplin agreed to acquire dermatology company Neosil (South San Francisco, Calif.) for about US$6.7 million in stock, which is the amount of net cash Neosil held at signing. Neosil shareholders will own about 7.3% of Peplin. Peplin plans to use Neosil's cash to continue development of PEP005 ingenol mebutate gel to treat actinic keratosis and basal cell carcinoma (BCC). A Phase III trial in actinic keratosis, for which Peplin has an SPA from FDA, is expected to begin next quarter. The compound is in Phase II testing for BCC. ...