NuPathe prices IPO at $10, below the range

NuPathe, a specialty pharmaceutical company that has developed a patch for migraine treatment, raised $50 million by offering 5 million shares at $10, well below the proposed $14 to $16 range. The company's venture backers, Quaker BioVentures, Safeguard Delaware, Birchmere Ventures, Battelle Ventures and SR One have indicated an interest in purchasing an aggregate 1.5 million shares of the 5 million shares offered at the IPO price. NuPathe is expected to commence trading on the NASDAQ under the ticker symbol PATH on Friday. Leerink Swann and Lazard Capital Markets acted as joint book-running managers on the deal.