Can Tre­vi make it through the IPO win­dow with an old opi­oid that failed their key PhII?

The win­dow for biotech IPOs may still be open, but is it open wide enough to ac­com­mo­date Tre­vi Ther­a­peu­tics, with a failed Phase II study for an ex­tend­ed-re­lease ver­sion of an old opi­oid pain rem­e­dy? 

Tre­vi filed for an $86 mil­lion IPO over the week­end. In it, they ap­par­ent­ly re­vealed for the first time that their drug, nal­buphine ER, failed bad­ly in a mid-stage study that re­cruit­ed 63 pa­tients and test­ed it at 2 dos­es com­pared to a place­bo. 

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