Braeburn Pharmaceuticals filed plans for a $150 million initial public offering last week with the Securities & Exchange Commission, leaving out any specific pricing details. The Princeton, N.J.-based company plans to list its shares on the Nasdaq market under the symbol “BBRX”.
JPMorgan, Merrill Lynch and Deustche Bank are underwriters for the offering and Apple Tree Partners IV, L.P. has agreed to purchase $40 million of the company’s common stock in a private placement upon the completion of the public offering, according to regulatory filings.
Braeburn has developed a 6-month buprenorphine implant for the treatment of opioid addiction, which is the 1st device of its kind to be approved by the FDA. In November last year, the company touted data from a phase III trial of an injectable formulation of buprenorphine for opioid addiction. Braeburn also has additional product candidates in its pipeline that address therapeutic areas of focus such as pain, schizophrenia and spasticity.
“We believe that long-acting medications for specialty CNS conditions are not just a matter of convenience, but are an essential tool for the effective treatment of these diseases. These are chronic CNS conditions requiring constant vigilance, where the consequences of suboptimal treatment compliance can range from severe to life-threatening. For our therapeutic areas of focus, we are developing weekly, monthly and six-month dosage formulations. We believe that our medications will allow healthcare providers to treat patients throughout the continuum of care, providing personalized drug delivery that is optimized to help patients progress from treatment initiation through long-term maintenance,” the company wrote in its filings to the SEC.
The company said that it plans to use the net proceeds from the offering to commercialize its injectable buprenorphine, Probuphine, and advance other product candidates through clinical development.