NEW YORK (AP) — Drug developer NuPathe Inc. priced shares of a scaled-back initial public offering, raising $50 million, the company said Friday.
NuPathe, based in Conshohocken, Pa., priced 5 million shares for $10 apiece. It downsized its IPO plans Thursday, cutting the expected range for shares from $14 to $16 each to just $10.
Net proceeds from the IPO were $43.2 million after expenses, NuPathe said. It will use the money mainly to fund the path of its migraine treatment candidate, Zelrix, through the Food and Drug Administration’s regulatory process and sell it in the U.S. if approved.
The company, which currently generates no revenue, expects to ask for FDA approval of Zelrix during the fourth quarter and said it expects to start selling Zelrix in the U.S. in the first half of 2012.
It also has a potential Parkinson’s disease and a potential schizophrenia treatment in the laboratory stages of development.
Shares of NuPathe are expected to trade Friday under the “PATH” symbol on the Nasdaq Global Market.
