Seattle-based Impel Pharmaceuticals has completed its sale to JN Bidco LLC after filing for bankruptcy in December.
Impel, which completed the sale Monday, went into the sale process with JN Bidco LLC as the "stalking horse" bidder, or an entity that has already put in a bid to set the low-end bidding bar. The entity is linked to Wixom, Michigan-based investors.
The sales price was $17.5 million plus additional cash based on net sales and licensing fees.
Impel announced the sale in a Wednesday filing with the Securities and Exchange Commission. In the filing, the biopharmaceutical company also said interim CEO Len Paolillo was departing but will maintain a consulting role that will pay him $500 per hour for work with the company through June 30.
Paolillo replaced former CEO Adrian Adams in November after Adams resigned. Adams had led Impel for almost four years and has served as CEO of multiple pharmaceutical companies. Paolillo had been the company's chief commercial officer since March 2021 before taking over the interim CEO duties.
The company didn't immediately say who would replace Paolillo, nor did the company provide additional comments about the sale.
Impel, founded in 2008, makes a nasal spray for migraines called Trudhesa, which gained Food and Drug Administration approval in September 2021. Trudhesa is delivered through the upper nasal space, and Impel says targeting the vascular-rich upper nasal space allows for rapid absorption.
The company went public on the Nasdaq in 2021 through an $80 million initial public offering. The company generated $5 million in revenue during the third quarter, up from $3.1 million during the third quarter of last year. It reported a $12.8 million loss during the third quarter.
In December, Impel also announced Chief Financial Officer Michael Kalb was leaving the company at the end of 2023. He joined Impel in May, according to his LinkedIn page.
