By Mary Welch

The initial public offering window is still open for business as Adolor Corp. filed for an IPO with the SEC to raise between $72 million and $84 million, with the proceeds earmarked for clinical trials of its various pain management products.

The Malvern, Pa.-based company intends to offer 6 million shares of common stock at an expected price range of $12 to $14 per share. The offering will be led by Warburg Dillon Read LLC, of New York, and co-managed by FleetBoston Robertson Stephens Inc., of New York, and Pacific Growth Equities, of San Francisco.

"As is stated in the filing, we will use the money to develop our product candidates as well as on research and development for additional product candidates," said Peter Schied, Adolor's vice president and chief financial officer.

The company recently raised $12.3 million in a private placement aimed at providing additional capital to advance ADL 8-2698 and ADL 10-0101. Since its founding in 1994, the company has raised a total of about $45 million. (See BioWorld Today, Jan. 21, 2000, p. 1.)

"We have a long-term and strategic financial plan and accessing the public market was always in that plan," Schied said.

Adolor posted a 1999 year-end loss of $10.1 million. At year's end, the company had 13.6 million shares outstanding. After January's private placement, that figure rose to 16.7 million shares. After the offering, the company will have 22.7 million shares outstanding. As of Dec. 31, the company had $5.2 million in cash.

Adolor's products are for the treatment of pain and the side effects that are caused by current narcotic pain treatments. Its research is focused on two of the three opioid receptor types, mu and kappa, found in the peripheral nervous system. The analgesic product candidates are designed to treat moderate to severe pain and itch. The company also is developing products to reduce the most prevalent and severe side effects of current narcotics, such as bowel dysfunction, nausea and sedation. Since most of the product candidates target peripheral opioid receptors, they should not exhibit the dose-limiting central nervous system side effects of existing narcotics, the company said.

Adolor's lead candidate, ADL 8-2698, is a peripherally acting, gastrointestinal tract-restricted mu opioid receptor antagonist. It is in three Phase II/III trials evaluating efficacy for narcotic bowel dysfunction. Enrollment in all trials should be completed by mid-year. Duration of each trial is up to five weeks.

In addition, three Phase II and five Phase I trials have been completed for that indication. In those trials, ADL 8-2698 reversed narcotic bowel dysfunction in all the patients without blocking the narcotic's pain relief or causing narcotic drug withdrawal. A Phase I trial is under way to confirm that ADL 8-2698 reduces narcotic-induced nausea.

Also under way is a Phase II trial with ADL 8-2698 in post-surgical ileus, with enrollment expected to be completed in the third quarter.

ADL 10-0101 is the company's first peripheral kappa opioid analgesic product candidate. Enrollment in a Phase II trial for the treatment of visceral pain should be completed in mid-year. In addition, two Phase I trials for relieving burn pain and dermal itch are under way.

In July, Adolor signed its first significant deal - worth up to $48 million - with SmithKline Beecham plc, of London, for the development and commercial rights to ADL 2-1294, a topical dermal therapy for the treatment of inflammatory pain, itching and other indications. Adolor retained the prescription rights for certain topical dermal indications as well as rights outside the topical dermal field. (See BioWorld Today, July 28, 1999, p. 1.)

ADL 2-1294 (loperamide) completed Phase I for dermal itch and pain and finished Phase II trials for the treatment of ophthalmic pain that results from corneal abrasion or surgery.

"That is our only partnered product," Schied said. "As is stated in the filing, we intend to market ADL 8-2698 in the U.S. ourselves and then seek a pharmaceutical partner outside the U.S."

Adolor's proposed Nasdaq ticker symbol is ADOR.