US-listed medical technology company Safeguard Scientifics is preparing for its second flotation of a portfolio company, NuPathe, to raise a maximum $80m.
NuPathe, a US-based drug developer focused on the central nervous system, is preparing to list five million shares at between $14 and $16 each with an initial market capitalisation of $225m.
NuPathe posted $11.3m in revenues last year with a $15.6m net loss.
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.