Urigen Pharmaceuticals Take a Step Back From its US$25 Million IPO
Published By : 05 May 2015 | Published By : QYRESEARCH
On Monday, the Urigen Pharmaceuticals Company that is developing the formulations of approved medicines for the urinary bladder pain took a step backwards from its plan of an initial public offering. The company had initially filed to raise an amount of US$25 million in the month of February, this year.
The Urigen Pharmaceuticals Company was incorporated as Megabios in the year 1997 and further in 1999 it was merged with GeneMedicine. After the merger, the name was changed to Valentis. In the year 2007, it got merged with Urigen and was further quoted on the OTCBB, until the year 2010, when trading was suspended and its stock moved to the OTC Pink Sheets. In 2012, the SEC suspended the company’s trading on the Pink Sheets.
Urigen's key drug is a proprietary combination therapy of heparin and lidocaine, which is used to treat the Bladder Pain Syndrome or Interstitial Cystitis, which has affected around 10 million people in the U.S. The company got into a license deal for its key candidate drug with Imprimis Pharmaceuticals in the month of October in 2014.
The biotech has listed several competitors, which have developed or are in the developing stage some similar treatments, such as Plethora Solutions, Trillium Therapeutics, Janssen Pharmaceuticals, Ortho-McNeil, Stellar Pharmaceuticals, BioNiche, and Actavis.
The NJ-based company, North Brunswick, was incorporated in the years 1997 and booked around US$1 million in terms of revenue for the 12 months that ended September 30, 2014. The company had planned to get listed on the NASDSAQ; however it had not chosen a ticker. Moreover, the company had not even selected the bookrunners.