Polyrizon Ltd., an Israeli biotech company specializing in medical device hydrogels, recently closed its initial public offering (IPO), raising $4.2 million in gross proceeds. The IPO, priced at $4.38 per unit, included 958,903 units, each containing one ordinary share and three warrants to purchase additional shares at an exercise price of $4.38 per share. Trading began on the Nasdaq Capital Market under the ticker “PLRZ” on October 29, 2024.
Proceeds from the IPO will fund preclinical and clinical development for Polyrizon’s innovative hydrogel product candidates, supporting further research and development (R&D). The funds will also be allocated toward working capital, potential future acquisitions and the repayment of certain outstanding debt.
Polyrizon Ltd. is advancing novel nasal spray-based hydrogels with two innovative platforms: Capture and Contain (C&C) and Trap and Target (T&T).
The C&C platform is designed as a “biological mask,” forming a protective hydrogel barrier in the nasal cavity to block viruses and allergens. Its lead candidate, PL-14, targets nasal allergies and is scheduled for US Food and Drug Administration (FDA) submission via the 510(k) pathway, with preclinical trials expected to start in the second quarter of 2025 and pivotal trials by the end of 2025.
Two other C&C candidates, PL-15 and PL-16, address COVID-19 and influenza, progressing toward De Novo classification with clinical trials anticipated post-2025.
Polyrizon’s T&T platform takes a different approach, focusing on the intranasal delivery of active pharmaceutical ingredients (APIs) with extended release. Potential applications include central nervous system (CNS) therapies and treatments for opioid overdose and allergic rhinitis. Initial testing is planned for late 2024 through early 2026, with further preclinical and Phase I trials depending on additional funding.
Polyrizon’s partnerships further strengthen its R&D capabilities. An agreement with SciSparc provides Polyrizon exclusive rights to the SCI-160 platform, supporting non-opioid pain treatment development with milestone-linked royalties. Additionally, a collaboration with NurExone is creating an intranasal delivery system for exosome-based therapies targeting spinal cord injuries, with potential expansion into other neurological uses.
Polyrizon’s focus on intranasal protection aligns with a rapidly expanding market in drug delivery innovation. The FDA-approved FluMist, featured as one of TIME’s Best Inventions of 2024, exemplifies the appeal of needle-free, self-administered nasal vaccines for influenza.
With companies like Aptar Pharma advancing precision devices for nose-to-brain delivery and Blue Lake Biotechnology developing intranasal vaccines that enhance immune response, the field is rapidly evolving. Supported by a Biomedical Advanced Research and Development Authority (BARDA) contract, AuraVax Therapeutics is also exploring NanoSTING-002 — a mucosal adjuvant delivered intranasally to boost immune responses for pandemic influenza vaccines — reflecting the growing confidence in intranasal technologies.
Positioned within this expanding market, Polyrizon is on its way to setting new standards in respiratory and CNS healthcare with accessible, non-invasive solutions.
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