Low-profile Thar Pharma takes a $50M flier on a weak IPO market
The biotech IPO market has been showing signs of life lately. But that offers no guarantees for Thar Pharmaceuticals, a virtual biotech far off the industry’s beaten path pushing a reformulated pain med that so far has only been tried in a tiny safety study.
Thar’s S-1 notes that the Pittsburgh-based company has raised about $16.5 million so far, enough to pay for a Phase I study of T121, an oral formulation of the IV pain med zoledronic acid. It’s their only pipeline drug.
The big idea at little Thar has been to take its new version of the pain drug to the threshold of a pair of small Phase III studies for a rare condition called complex regional pain syndrome, or CRPS. The Pittsburgh Post-Gazette reported back in January that Thar has 7 staffers.
The biotech is looking to the public markets for $50 million to pay for the late-stage studies. As of the end of H1, Thar had $1.4 million in cash and had burned through close to $20 million. That’s not the kind of profile that’s merited much response on Wall Street.