SteadyMed Therapeutics yesterday set the terms for its pending debut on the public market, saying it plans to float 4.25 million shares at $12 to $14 apiece.
At the midpoint that would bring in $55.2 million for SteadyMed, which has operations in Israel and California. The company makes hypertension and pain treatments delivered with a discrete, patented drug-delivery device.
SteadyMed, which according to a regulatory filing plans to trade on the NASDAQ exchange under the symbol "STDY," is focused on winning U.S. approval for Treyvent, a drug to treat pulmonary arterial hypertension. The specialty pharmaceutical company also said it has 2 drugs under development to treat post-surgery pain at home.
The company also developed the PatchPump technology, a discrete, water-resistant and disposable pre-filled drug-delivery device. PatchPump devices are designed to be "pre-programmed to deliver an accurate, steady flow of drug to a patient, either subcutaneously or intravenously," according to SteadyMed’s IPO prospectus.
SteadyMed said in its IPO filing that it hopes to license the technology to pharmaceutical and biopharmaceutical companies for use with larger-volume, high-value, small-molecule or biologic drugs. The company launched in Israel in 2005.