Braeburn Pharmaceuticals has registered an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $150 million. The company intends to list its shares on the Nasdaq under the symbol BBRX.
The underwriters for the offering are JPMorgan, Merrill Lynch and Deutsche Bank.
This is a commercial-stage pharmaceutical company focused on the development and commercialization of novel long-acting medications for serious disorders of the central nervous system (CNS). Braeburn’s proprietary implantable and injectable delivery mechanisms provide differentiated solutions for chronic diseases with high unmet medical needs.
The company’s specialty CNS focus is on fast-growing therapeutic areas recognized as serious public health crises, where long-acting technologies offer important benefits such as increased medication compliance, improved patient convenience, reduced risk of abuse and relapse and reduced public health and societal costs.
Braeburn’s lead therapeutic area is opioid addiction, which affects 2.6 million people in the United States across all socioeconomic groups. A 2016 survey from the Kaiser Family Foundation indicates that nearly half of all Americans know someone who suffers from opioid addiction. The company has one approved product, Probuphine, a six-month buprenorphine implant for the maintenance treatment of opioid addiction, which was approved by the U.S. Food and Drug Administration (FDA) in May 2016.
In November 2016, the company reported positive top-line results from a Phase 3 trial of weekly and monthly CAM2038, an injectable formulation of buprenorphine, for opioid addiction. CAM2038 achieved non-inferiority compared to oral daily buprenorphine based on the primary endpoint and superiority to oral daily buprenorphine based on a secondary endpoint. Other therapeutic areas of focus are pain, schizophrenia and spasticity, which refers to feelings of stiffness and a wide range of involuntary muscle spasms. The company has four additional late-stage product candidates in its pipeline across different therapeutic areas, as well as two earlier-stage product candidates.
The company intends to use the net proceeds from this offering for the commercialization of Probuphine, and the advancement of product candidates in clinical development. The remainder will fund ongoing research and development activities, working capital and other general corporate purposes.