Urigen Pharmaceuticals, which is developing formulations of approved drugs for urinary bladder pain, filed on Wednesday with the SEC to raise up to $25 million in an initial public offering.
Urigen's lead candidate is a proprietary combination therapy of lidocaine and heparin used to treat Interstitial Cystitis/Bladder Pain Syndrome, which affects about 10 million people in the US. It entered into a license agreement for its lead candidate with Imprimis Pharmaceuticals (NASDAQ: IMMY) in October 2014.
The biotech lists a number of competitors that have developed or are developing similar treatments, including Ortho-McNeil, BioNiche, Plethora Solutions, Stellar Pharmaceuticals, Trillium Therapeutics, Janssen Pharmaceuticals and Actavis.
The North Brunswick, NJ-based company, which was founded in 1997, plans to list on the NASDAQ. Urigen did not disclose which underwriters would manage the deal. No pricing terms were disclosed and a ticker symbol has not been selected.
