AcelRx Pharmaceuticals, a US-based developer of pain therapies formerly known as SuRx Pharmaceuticals, is preparing its $86.25m flotation on the Nasdaq stock exchange.
AcelRx has raised venture capital (VC) backing from Kaiser Permanente Ventures, the corporate venturing unit of healthcare company Kaiser Permanente, and VCs Alta Partners, Skyline Ventures and Three Arch Partners.
Kaiser owns 5.5% of AcelRx (2 million shares), and the three VCs an aggregate 86%, according to its regulatory filing.
AcelRx raised $20m in its series B round in February 2008 at $4 per share and $14.8m in its series C round at $0.99 per share in November last year. An $8m bridge loan to convert into shares was sold in September.
Investment bank Piper Jaffray is AcelRx’s lead underwriter on the initial public offering.