US-listed medical technology company Safeguard Scientifics is preparing for its second flotation of a portfolio company, NuPathe for $86.25m.
The US-based developer of drugs for the central nervous system, is expected to have its initial public offering (IPO) on the Nasdaq stock exchange, with Lazard Capital Markets and Leerink Swann serving as co-lead underwriters, according to news provider pehub.com.
Gary Kurtzman, vice president and a managing director of the life sciences group at Safeguard, led NuPathe’s $15m A round of funding in 2006 with a $6m cheque. US venture capital firms Birchmere Ventures, BioAdvance Ventures and Quaker BioVentures and other undisclosed institutional investors also participated, according to news provider VentureWire, which said GlaxoSmithKline’s corporate venture arm, SR One, joined the $30m B round in 2008. Pehub.com said NuPathe has raised $53m in funding in total and last month raised $10.1m in debt.
The NuPathe IPO would be twice the $33.6m raised by Clarient in 1997, which is still chaired by SafeGuard’s life group head, James Datin.