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The Associated Press May 14, 2010, 4:13PM ET

Migraine patch maker NuPathe files for $86.3M IPO

Specialty pharmaceutical company NuPathe Inc., which is developing a patch that treats migraines, on Friday filed for an initial public offering valued at up to $86.3 million.

NuPathe is developing treatments for central nervous system diseases, including Parkinson's disease, schizophrenia, and bipolar disorder. Its most advanced drug candidate is Zelrix, a single-use patch that is designed to relieve migraine symptoms when placed on the arm or thigh. NuPathe plans to ask for marketing approval of Zelrix in the fourth quarter.

The Conshohocken, Pa., company applied to have its shares trade on the Nasdaq Global Market under the symbol "PATH." It did not give a date for its proposed IPO, or say how many shares it may offer.

Zelrix is a form of sumatriptan, a drug that is marketed by GlaxoSmithKline PLC under the name Imitrex. GlaxoSmithKline and several other companies sell tablet, nasal spray, and injectable forms of Imitrex.

NuPathe plans to use the proceeds from its IPO to finish development of Zelrix, file for Food and Drug Administration approval, and launch the drug. Pending FDA approval, the company aims to launch Zelrix in the first half of 2012. It will use some of the proceeds to continue development of NP201 for Parkinson's disease and NP202 for schizophrenia and bipolar disorder.

Human testing of those drug candidates has not begun.

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