Voyager Pharmaceutical Corp. filed for its initial public offering Friday, hoping to raise up to $128.9 million.

The Raleigh, N.C.-based company has not yet specified the number of shares and the price range, but it plans to list its stock on the Nasdaq National Market under the symbol, "VYGR."

WR Hambrecht + Co., of New York, is acting as the sole manager of the offering.

According to the company's prospectus, it will use proceeds to fund the pivotal Phase III trials of Memryte to treat mild to moderate Alzheimer's disease and to begin manufacturing scale-up and pre-launch inventory build-up in preparation for a commercial launch of the product. Voyager also intends to establish a sales and manufacturing infrastructure for Memryte. Remaining proceeds will fund research and development of its preclinical programs, as well as working capital, capital expenditures and other general corporate purposes.

Memryte is a small, biodegradable implant that is comprised of leuprolide acetate and a polymer. Leuprolide acetate has been used widely over the past two decades to treat hormone-related disorders, such as prostate cancer, endometriosis and precocious puberty. It has a well-established safety profile.

In the fourth quarter, Voyager intends to begin enrollment of 1,100 patients in two randomized, double-blind, placebo-controlled, 56-week Phase III trials of Memryte as an adjunctive therapy with acetylcholinesterase inhibitors (ACIs).

A Phase II dose-ranging trial in women aged 65 and older showed a trend at week 48 in favor of the high-dose leuprolide acetate group indicating a relative stabilization of the disease compared to the placebo group. A subgroup analysis of those patients taking ACIs showed that 24 patients who also received the high dose of leuprolide acetate demonstrated a benefit over those treated with placebo. And for a secondary endpoint that measures capacity to perform activities of daily living, the drug demonstrated a statistically significant benefit.

Voyager has completed enrollment of 119 men for a similar Phase II trial, which should be completed in the second quarter of 2006. At the interim analysis, results were not statistically significant, but data showed a trend in favor of the groups receiving leuprolide acetate. The trial was not designed to show statistical significance.

The company also completed a Phase I study in July showing the Memryte implant in 50 healthy volunteers was generally well tolerated, with no serious adverse events reported. The implants offer systemic release of leuprolide acetate over eight weeks.

Memryte is designed to dramatically reduce levels of luteinizing hormone (LH) in the bloodstream and in brain tissue. Voyager's research suggests LH may stimulate the processing of amyloid precursor protein, leading to the production of amyloid beta protein, which is widely believed to be a cause of Alzheimer's disease.

Voyager has worldwide commercial rights to Memryte and its preclinical product candidates focused on hormone-refractory prostate cancer, brain cancers, amyotrophic lateral sclerosis and disorders of premature birth. The company expects to submit investigational new drug applications to the FDA in 2006 to start Phase II trials of leuprolide acetate to treat hormone-refractory prostate cancer and brain cancers.

Founded in 2001, Voyager had $22.7 million in cash, cash equivalents and marketable securities as of June 30.