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.

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