TEL AVIV, July 9, 2025 – Israeli biotech firm Nasus Pharma, a clinical-stage company developing intranasal powder therapies for life-threatening allergic reactions, has filed for an $11 million initial public offering (IPO) on the NYSE American exchange. The offering marks a critical step forward for the company as it seeks to fund late-stage trials of its flagship drug candidate for severe allergies and anaphylaxis.
Biotech IPO Eyes $99 Million Valuation
Nasus Pharma plans to offer 1 million shares at a price range of $10 to $12 per share. At the midpoint of this range, the company would achieve a fully diluted market capitalization of approximately $99 million, based on SEC filings. The IPO will be led by Laidlaw & Company (UK) and Craft Capital Management as joint bookrunners. The company had previously submitted a confidential draft registration in August 2024.
The proposed ticker for the Tel Aviv–based company is NSRX, and shares are expected to trade on the NYSE American.
Clinical Focus: Intranasal Epinephrine for Anaphylaxis
Founded in 2019, Nasus Pharma is developing powder-based intranasal drug delivery systems to address emergency medical conditions that require rapid pharmacological intervention. Its lead product candidate, NS002, is an intranasal epinephrine powder spray designed for use in patients with type 1 severe allergies and anaphylaxis.
Unlike conventional epinephrine auto-injectors, such as EpiPen, which require patient training and needle-based delivery, NS002 offers a needle-free, fast-acting alternative via intranasal administration. The company highlights the user-friendly nature and precise dosing capability of its spherical active pharmaceutical ingredient (API) formulation, which ensures rapid absorption into the bloodstream and central nervous system.
A pilot study involving 12 patients was completed, though it was not statistically powered. The company now plans to conduct two additional Phase 2 clinical trials to support further development and regulatory engagement with agencies such as the FDA.
Additional Pipeline: NS001 for Opioid Overdose
Nasus Pharma is also developing NS001, an intranasal naloxone powder spray for opioid overdose, leveraging the same proprietary delivery platform. However, development of NS001 has been paused, and the company is currently seeking strategic partnerships to continue its advancement.
The decision to focus resources on NS002 stems from rising global demand for alternatives to auto-injectors and increased awareness around anaphylactic emergencies, especially in pediatric and elderly populations who may find traditional injection methods challenging.
Nasus Pharma’s Vision: Faster, Safer, Smarter Emergency Medicine
The company’s core vision is to create fast-acting, easy-to-administer, and safe intranasal solutions for acute medical crises. The underlying NASAX platform utilizes uniform spherical drug particles paired with carriers approved for inhalation, which allow for precise targeting of drug delivery to critical absorption areas in the nasal cavity.
According to the company, this innovation not only enhances bioavailability and onset time, but also improves patient compliance—a crucial factor during medical emergencies.
Strategic Timing Amid Growing Market Demand
The IPO comes amid a resurgence in biotech IPO activity in 2025, following two years of relative stagnation due to broader market volatility. With allergic conditions on the rise globally and limitations in traditional epinephrine administration becoming more evident, Nasus Pharma is entering a market that is both underserved and rapidly expanding.
Market research indicates that the global anaphylaxis treatment market is expected to surpass $6 billion by 2028, driven by rising food allergies, increased public awareness, and regulatory pushes to diversify treatment options.
Conclusion: A Niche Biotech with Scalable Potential
While Nasus Pharma remains in early clinical stages and faces the usual regulatory and commercial risks associated with biotech investments, the company’s clear therapeutic focus, proprietary delivery platform, and early traction position it as a compelling IPO candidate within the emergency medicine niche.
Investors considering an entry at the IPO stage should weigh the risks of pre-revenue biotech exposure against the potential upside of backing a first-mover in intranasal epinephrine innovation.
If successful, Nasus Pharma’s IPO could serve as a blueprint for other Israeli biotech startups seeking to penetrate the U.S. market and secure global capital to fund breakthrough medical solutions.
