Keep the meds pumping: SteadyMed files for a $55 million IPO

SteadyMed, which is developing a combination therapy and pump for pulmonary disease and pain, filed on Friday with the SEC to raise up to $55 million in an initial public offering.

SteadyMed targets pulmonary arterial hypertension (PAH), an orphan disease. Its product candidate, Trevyent, combines a proprietary formulation of market-leading treprostinil and its proprietary PatchPump technology. PatchPump is a discreet, water-resistant and disposable drug administration technology that is pre-filled with the liquid drug at the site of manufacture and pre-programmed to deliver a steady flow of drug to patients for 48 hours.

Another biotech targeting PAH with a combined drug-device therapy, Bellerophon Therapeutics (BLPH), is set to price its IPO during the week of February 9.

The San Ramon, CA-based company, which was founded in 2005 and booked a net loss of $19 million for the fiscal year ended December 31, 2014, plans to list on the NASDAQ under the symbol STDY. SteadyMed initially filed confidentially on September 17, 2014. Wells Fargo Securities and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.