ScPharmaceuticals, a company with a heart failure drug on deck for FDA approval, raised about $90 million in an IPO Friday, coming in at the lower end of its range.
The company offered 6.4 million shares at $14 apiece. Last month, when scPharmaceuticals filed regulatory paperwork signaling its intent to go public, the company was shooting for a $100 million raise.
The biotech’s lead drug candidate is a new formulation of furosemide (which you may recognize as Validus Pharmaceutical’s branded drug Lasix), a diuretic that can treat fluid retention and swelling caused by congestive heart failure. ScPharmaceutical’s version of the drug is designed to be delivered with a wearable device at home instead of a hospital IV. The idea is to reduce the number of days a patient must be hospitalized for therapy.
An NDA was filed in August for the drug, according to the company’s S-1.
The company’s pipeline also includes two antibiotics: ceftriaxone, an antibiotic currently used intravenously for the treatment of infections caused by gram-positive and gram-negative organisms; and there’s another program for carbapenem, meant to complement ceftriaxone in treatment.
The IPO market is picking up steam in Q4, with scPharmaceuticals, which will list under $SCPH, coming in as the 39th biotech to IPO so far this year. Just this week, the industry saw Denali ($100M), Odonate ($173M) and Arsanis ($40M) go public.
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