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

Suggested Articles

Pliant Therapeutics will use the proceeds to push its lead program through midstage trials in fibrotic liver and lung diseases.

Cancer biotech Novellus has struck a deal with Plexxikon for its early- to midstage BRAF-inhibiting hopeful PLX8394.

Chinook Therapeutics is set to merge with fallen Big Pharma darling Aduro Biotech to create a kidney disease player with $180 million in cash.