Drug-delivery devices maker Corium could raise up to $66 million through an initial public offering, the company announced in SEC filings today.
Corium plans to offer 5.5 million shares of common stock for $10-$12 apiece, putting its total offering value at between $55-$66 million. At the middle rate of $11 per share, Corium expects its net proceeds to amount to $53.7 million after expenses.
The Menlo Park, Calif., company manufactures wearable drug-delivery systems, including a set of Crest Advanced Seal Whitestrips. Other products include the company’s MicroCor needle-free large molecule delivery system and Corplex "steady state" small molecule delivery system. Existing partners include Procter & Gamble Co., Par Pharmaceutical, Teva Pharmaceuticals USA and Agile Therapeutics.
Corium plans to use the proceeds from the IPO to scale up production and pursue Phase II studies for the MicroCor products, further develop the Corplex products, repurchase about $5.2 million in shares and pay for general corporate activities, according to its IPO registration documents.
The company posted about $13.9 million in losses on $50.2 million in revenue for fiscal 2013. The stock will trade on the NASDAQ global market under the symbol "CORI."
