Specialty Pharmaceutical Company NuPathe Files For $86.25 Mln IPO

NuPathe Inc. filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for an initial public offering of up to $86.25 million of common stock.

NuPathe said it is applying to list its common stock on The NASDAQ Global Market under the symbol "PATH"

Conshohocken, Pennsylvania-based NuPathe is a specialty pharmaceutical company focused on the development and commercialization of branded therapeutics for diseases of the central nervous system, including neurological and psychiatric disorders.

NuPathe has completed a pivotal Phase III clinical trial for Zelrix in July 2009 and expect to submit a New Drug Application to the Food and Drug Administration in the fourth quarter of 2010.

The company plans to use this offering proceeds to complete the clinical development, seek marketing approval and commercially launch Zelrix in the U.S, to continue preclinical and clinical development of NP201 and NP202, and balance for working capital and other general corporate purposes.

For the year ended December 31, 2009, the company posted net loss of $15.59 million, versus a loss of $17.51 million in 2008. The company has not generated any revenues to date, as no products approved for commercial sale.

Quaker BioVentures II, L.P. and its affiliates, Safeguard Delaware, Inc., Birchmere Ventures III, L.P. and its affiliates, Battelle Ventures, L.P. and its affiliates, SR One, Limited are the principal stockholders of the company.