BioVie announced plans for a roughly $19.7 million IPO for a spinout charged with developing a reformulated low‑blood‑pressure drug as a potential treatment for liver disease. The offering is intended to support clinical development and early commercialization activities for the new company’s hepatic asset. The move follows a broader trend of biotechs using targeted IPOs to finance niche reformulation and repurposing programs. Investors will watch trial design, regulatory pathway and the sponsor’s ability to de‑risk the asset before larger fundraising or partnering discussions.