OrbiMed Advisors Discloses 14% Stake in ADARx Pharmaceuticals
Carl L. Gordon, a member of OrbiMed Advisors, sits on the ADARx board, and the filing says the shares are held as an investment and not to seek control.
OrbiMed Advisors LLC reported beneficial ownership of 14,913,764 shares of ADARx Pharmaceuticals, Inc. common stock, or 14% of the class, according to a Schedule 13D filed with the US Securities and Exchange Commission on Oct. 2.
The filing gives Sept. 28 as the date of the event that required it. It is made jointly with OrbiMed Capital GP VII LLC, OrbiMed Advisors Israel II Ltd, OrbiMed Israel GP II, L.P. and OrbiMed Genesis GP LLC. The percentages are based on 106,801,325 outstanding shares listed in an ADARx prospectus filed Sept. 28.
According to the filing, OrbiMed Private Investments VII, LP holds 14,325,529 shares, or about 13.4%, and OrbiMed Genesis Master Fund, L.P. holds 588,235 shares, or about 0.6%. Separately, OrbiMed Israel Partners II, L.P. holds 9,292,025 shares, or about 8.7%, the filing shows.
The filing says the shares are held "for the purpose of making an investment in the Issuer" and that the reporting persons have not formulated plans for a merger or a change in the board, except as set forth in the filing.
Carl L. Gordon, a member of OrbiMed Advisors, and Erez Chimovits, an OrbiMed Advisors employee, are members of the ADARx board, according to the filing.
The filing says OrbiMed Private Investments VII, OrbiMed Israel Partners II, Gordon and Chimovits each agreed to a lock-up with the underwriters of the ADARx initial public offering that runs until 180 days after the date of the final prospectus.