It has been relatively busy recently for biotech and specialty pharmaceutical firms seeking to go public, as NuPathe Inc. became the latest such firm to price an initial public offering in what few would yet call a true IPO window. The Conshohocken, Pa.-based company estimates that its net proceeds from the offering will be about $43.2 million after selling 5 million shares of common stock priced at $10 per share. If underwriters Leerink Swann, Lazard Capital Markets and Needham & Co. fully exercise their overallotment option, net proceeds will be about $50.2 million, the company said in SEC documents. NuPathe hopes to use about $36 million of that to complete the clinical development of Zelrix (sumatriptan patch) for acute migraine, take it through the FDA regulatory approval process, initiate its commercial manufacture, and, if approved, launch the drug in the U.S. in the first half of 2012. The company successfully completed a pivotal Phase III trial for Zelrix in July 2009 and expects to submit a new drug application (NDA) in the fourth quarter of 2010. But before it can submit the NDA, NuPathe must complete two ongoing pharmacokinetic trials in healthy subjects and obtain interim data from two Phase III safety trials. If the drug is granted FDA approval, the company plans to build its own specialty sales force in the U.S. to launch Zelrix. Another $5 million would be used to continue preclinical and clinical development of NP201 for the continuous symptomatic treatment of Parkinson's disease and NP202 for the long-term treatment of schizophrenia and bipolar disorder, NuPathe said. The company is targeting an investigational new drug application filing for NP201 in the first half of 2011 and NP202 in 2012.
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