Braeburn Pharmaceuticals said today that it plans to raise $150 million by offering 7,692,308 shares of its common stock. The Princeton, N.J.-based company wrote in regulatory filings that it expects the initial public offering price for its stock to be between $18.00 and $21.00 apiece.

Apple Tree Partners has indicated an interest in buying $50 million of shares of Braeburn’s common stock and has also agreed to purchase $40 million of the company’s common stock in a private placement upon the completion of the public offering.

Braeburn, which plans to list its shares on the Nasdaq market under the symbol “BBRX”, has developed a 6-month buprenorphine implant for the treatment of opioid addiction – 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.

The company wrote in a filing to the SEC that it plans to use the $137.2 million in net proceeds from the offering to commercialize its injectable buprenorphine, Probuphine, and advance product candidates through clinical development. Braeburn said it believes the proceeds, along with its cash and cash equivalents, will be sufficient to sustain operations for the next 12 months.

In its regulatory filing, the company reported a revenue of $42,000 for the 9 months ended September 30, 2016. It also cited a 280% increase in expenses, jumping from $20.4 million for the 9 months ended September 30, 2015 to $78 million in the same period this year. Overall, the company saw its net losses grow from $22.6 million in that period last year to $76.8 million this year.

J.P. Morgan, BofA Merrill Lynch, Deutsche Bank and Canaccord Genuity are joint bookrunners on the deal and it is expected to price around January 30, 2017.