Aryx Therapeutics files for $86M IPO

Aryx Therapeutics is headed to the public market for a bucketload of cash. If all goes according to plan, it will raise $86.3 million through the sale of an undisclosed number of shares. Aryx has been developing new therapies out of established drugs, saying that it knows of a safer pathway that metabolizes drugs differently--a process expected to reduce the potential for adverse side effects. Aryx has a pact with P&G to develop cisapride for gastrointestinal disorders. That therapy just wrapped Phase II. Aryx lost $12.2 million in the six months ended June 30. 

- check out the AP report for more info