ScPhar­ma­ceu­ti­cals rais­es $90M in IPO with heart fail­ure drug on deck

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.

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