Insys Therapeutics files for IPO |
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Fri, 17 Aug 2007 23:58
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NEW YORK (AP) - Biopharmaceutical company Insys Therapeutics Inc. filed Friday for an initial public offering of its common stock.In a filing with the Securities and Exchange Commission, the Phoenix-based company did not disclose the expected number or price range of shares to be offered, but indicated that the maximum offering price could total about $86.3 million.This figure was estimated solely for the purpose of calculating the registration fee and may change.Insys focuses on developing and commercializing products that address chemotherapy-induced nausea and vomiting, pain management and other central nervous system disorders. The company's initial product candidate is Dronabinol HG, designed to be a generic version of the drug Marinol, which treats chemotherapy-induced nausea.It is the company's hope that this product will provide near-term revenue to help fund the development of other product candidates and establish a market presence for the company. Insys has filed a new drug application with the U.S. Food and Drug Administration for its approval.Insys plans to use proceeds from the offering to fund the commercial production and sale of the Dronabinol HG capsule, if approved, fund the clinical and preclinical development of other product candidates and for general corporate purposes. A portion of the proceeds may be used to acquire or in-license products, technologies or businesses.For the six months ended June 30, the company reported a loss of $5.8 million compared with a loss of $3.9 million the same period a year earlier.Banc of America Securities LLC, UBS Investment Bank, JMP Securities and Natixis Bleichroeder Inc. are listed as the underwriters for the offering.The company plans to list its shares on the Nasdaq Global Market under the symbol 'INRX.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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