AcelRx falls short in $40M IPO

AcelRx Pharmaceuticals aimed high but fell short. The Redwood City, CA-based devloper had hoped to raise $86 million in an initial offering of 8 million shares at $12 to $14 per share. But the company managed the garner just $5 per share for a total $40 million in funding.

The company is developing a pipeline of post-operative and breakthrough cancer pain as well as a mild sedative. Its lead drug is ARX-01, a drug/device comp nation that delivers sufentanil (a synthetic opioid analgesic) under the tongue. It's two other mid-stage programs are ARX-02 for the treatment of cancer breakthrough pain, and ARX-03 for providing mild sedation, anxiety reduction and pain relief for patients undergoing painful procedures in a physician's office. AcelRx has no products on the market.

- read AcelRx's release

Special Report: The 10 IPOs of 2010