Zynerba Pharmaceuticals Inc. has filed an S-1 form with the U.S. Securities and Exchange Commission for its initial public offering (IPO). No terms were given in the filing, but the offering is valued up to $57.5 million. The company will file on the Nasdaq Global Market under the symbol ZYNE.
The underwriters are Jefferies, Piper Jaffray, Canaccord Genuity and Oppeneheiner.
This is a 10-year-old specialty pharmaceutical company focused on developing and commercializing proprietary next-generation synthetic cannabinoid therapeutics formulated for transdermal delivery.
Zynerba is evaluating two patent-protected product candidates, ZYN002 and ZYN001, in five indications. The company intends to study ZYN002 in patients with refractory epilepsy, Fragile X syndrome (FXS) and osteoarthritis (OA). Also it intends to study ZYN001 in patients with fibromyalgia and peripheral neuropathic pain. Ultimately Zynerba expects to initiate Phase 1 clinical trials for ZYN002 in the second half of 2015 and ZYN001 by mid-2016.
The company explained the background on cannabinoids in the filing as:
Cannabinoids are a class of compounds derived from Cannabis plants. The two primary cannabinoids contained in Cannabis are cannabidiol, or CBD, and D9-tetrahydrocannabinol, or THC. Clinical and preclinical data suggest that CBD has positive effects on treating refractory epilepsy, FXS and arthritis and THC has positive effects on treating pain. Interest in cannabinoid therapeutics has increased significantly over the past several years as preclinical and clinical data has emerged highlighting the potential efficacy and safety benefits of cannabinoid therapeutics. The cannabinoid therapeutics market is expected to grow significantly due to the potential benefits these products may provide over existing therapies. In addition to ZYN002 and ZYN001 potentially offering first-line therapies to patients suffering from FXS, OA, fibromyalgia and peripheral neuropathic pain, we believe ZYN002 may provide a complementary treatment for patients suffering from epilepsy who are refractory to their current treatment regimens.
Zynerba intends to use the proceeds from this offering to further develop ZYN002 and ZYN001, as well as for general corporate purposes.