NuPathe to test IPO market

NuPathe Inc., of Conshohocken, hopes to raise $86.3 million in an initial public offering, according to a regulatory filing on Friday.

The preliminary prospectus does not list the number of shares NuPathe intends to issue or any price range.

The specialty pharmaceutical company has been working on Zelrix, a single-use patch to treat migraine. In a filing with the Securities and Exchange Commission, NuPathe said it completed a Phase III clinical trial in July 2009 and expects to submit a new drug application with the Food and Drug Administration in the fourth quarter of this year.

(Here's a link to the filing on the SEC's Web site. It's 121 pages plus financial statements.)

NuPathe, which was started in January 2005, is unprofitable like other drug developers that have yet to reach the market with their first product. NuPathe lost $15.6 million in 2009.

The company has raised several rounds of venture capital, including a Series B preferred stock offering that raised $31.1 million between July 2008 and August 2009. Those investors include Quaker BioVentures, Safeguard Scientifics Inc. and SR One Ltd., all local venture capital firms.

NuPathe CEO Jane H. Hollingsworth has worked in senior management of two other local life-sciences firms. She'd been a co-founder and general counsel of Auxilium Pharmaceuticals Inc. Also, she'd been general counsel at IBAH Inc., a contract research organization. She'd also previously practiced law at the Philadelphia firm of Montgomery, McCracken, Walker & Rhoads.

Underwriters for NuPathe's IPO are listed as Leerink Swann and Lazard Capital Markets.