Undaunted by the lower-than-expected debuts of other biotech IPOs, Ikaria has filed for a $200 million IPO. The New Jersey-based company, which also has R&D operations in Seattle, plans to trade on NASDAQ under ticker symbol IKAR.
Unlike most biotechs, Ikaria actually generates revenue through its INOtherapy program, which includes INOMAX, the only FDA-approved treatment for hypoxic respiratory failure associated with pulmonary hypertension in term and near-term infants. The company reports nearly $275 million in 2009 revenue, and its net income grew from $9.6 million to $13 million.
On the R&D side of the business, Ikaria has two late-stage product candidates and a number in earlier clinical or preclinical development. The most intriguing candidate in its pipeline is IK-1001, which Xconomy describes as "something from a science fiction novel." The hibernation drug slows down a patient's heartbeat and breathing in order to give physicians time to save that patient in an emergency situation. The therapy is in Phase II trials.