Financings In Brief
This article was originally published in The Gray Sheet
NuPathe IPO would fund combination product development: Combination product developer plans initial public offering worth up to $86.3 million to fund approval and commercialization efforts for its Zelrix patch to treat acute migraine headaches. The single-use patch is applied to the arm or thigh and actively delivers the migraine drug sumatriptan through the skin in a controlled manner using firm's SmartRelief technology. Based on iontophoresis, SmartRelief transports molecules through the skin by applying a mild electrical current. The Conshohocken, Penn., company completed a pivotal Phase III study in 2009 and plans to submit a new drug application to FDA in the fourth quarter of this year in anticipation of approval and a U.S. market launch in the first half of 2012, NuPathe says in a preliminary IPO prospectus filed May 14 with the Securities and Exchange Commission. The firm believes Zelrix' transdermal administration route will appeal to migraine patients who have had accompanying nausea or vomiting and might otherwise delay or avoid taking medication. In addition to Zelrix, which is the firm's most advanced product candidate, NuPathe has two products in preclinical development, including NP201 for Parkinson's and NP202 for schizophrenia and bipolar disorder. The latter products use a biodegradable polymer matrix implant that is injectable for "long-acting delivery," the firm says. Underwriters for the proposed stock offering include Leerink Swann, Lazard Capital Markets, Thomas Weisel Partners and Needham & Company. NuPathe's stock would trade under the Nasdaq symbol "PATH.
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