Conshohocken, PA-based NuPathe, which is developing a transdermal patch version of the popular migraine treatment Imitrex, has set the terms of its proposed IPO. NuPathe will offer 5 million common shares at $14 and $16 per share, giving the company a market cap of $255 million. The developer hopes to raise up to $75 million with the offering. NuPathe will trade on the NASDAQ under ticker symbol PATH.
NuPathe's migraine treatment, called Zelrix, has completed Phase III testing. Data from the 530-subject trial showed that symptoms associated with migraine, such as pain, nausea and sensitivity to light and sound, significantly improved two hours after applying the Zelrix patch. If approved, the treatment could be on the market as early as 2012. The developer also has two preclinical drugs: NP201 for the continuous symptomatic treatment of Parkinson's disease and NP202 for the long-term treatment of schizophrenia and bipolar disorder.
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