Parkinson's play Civitas Therapeutics files for an $86M IPO

Now we know why Civitas Therapeutics was so tight-lipped about its $55 million venture round. With the ink still drying on the release, the Chelsea, MA-based biotech filed for an $86 million IPO, putting the company in a quiet period. So it's no wonder the biotech declined comment about its fundraising. The S-1 prominently features Civitas' successful Phase IIb study for an inhaled formulation of levodopa, a "rescue" treatment for Parkinson's patients. And the filing goes on to note that its deal with Alkermes ($ALKS)--which had once upon a time been partnered with Eli Lilly ($LLY) on inhaled insulin--gives it the facilities it needs to produce plenty of the therapy for its pivotal Phase III trial. The biotech has burned through close to $90 million to get to this stage. The company plans to list as "CVTS." S-1

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