Oclassen Pharmaceuticals Inc., which in-licenses drugs fordevelopment, has filed for an initial public offering of 2.5million shares of common stock with a proposed price range of$12 to $14 per share.
The San Rafael, Calif., company develops products originallydiscovered by pharmaceutical companies and researchinstitutions, which typically have conducted at least limitedhuman trials. Its focus is drugs to treat bacterial and viraldiseases, with an initial emphasis on dermatology and sexuallytransmitted disease.
Oclassen in 1991 began marketing in the United States its firsttwo products, Condylox Topical Solution to treat genital wartsand Monodox doxycycline monohydrate capsules to treat acne.Oclassen markets Condylox (podofilox), the first productapproved for patient-applied treatment of the disease, todermatologists and urologists. The drug is marketed toobstetricians/gynecologists and dermatologists by BurroughsWellcome Co. under a 1991 co-promotion agreement.
Oclassen had $6 million in 1991 product sales and a net loss of$5.3 million, or 72 cents per share.
The company is conducting expanded Phase II trials of FIAUfialuridine, an anti-viral compound. The trial originally focusedon treatment of hepatitis B in patients infected with HIV, andrecently was expanded to include non-HIV patients. Five otherproducts are in clinical trials to treat genital warts, plantarwarts, acne and psoriasis.
Oclassen has raised $25 million in venture rounds since 1985.
If the offering is completed, Oclassen will have 10.6 millionshares outstanding. Underwriters Lehman Brothers and SmithBarney, Harris Upham & Co. have a 375,000-shareoverallotment option. -- KB
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