TheraTech Inc. said Wednesday that it has filed for an initialpublic offering of 2 million shares of common stock with aproposed price of $11 to $12.50 per share.
The developer of drug delivery products said proceeds will beused to fund R&D, build manufacturing facilities and forworking capital and general corporate purposes.
The Salt Lake City company has six products in clinicaldevelopment. Most advanced is its testosterone transdermalpatch, which is in Phase III trials for male hypogonadism. Itsestradiol patch is finishing Phase II trials as a post-menopausalhormone replacement and will enter Phase III trials later thisyear.
Other drug delivery systems being developed include apolymer-based oral controlled release system, a colon targetingsystem, a transmucosal oral cavity delivery system and abiodegradable injection system.
TheraTech has collaborations to develop specific products usingTheraTech technology with Syntex U.S.A., Pfizer Inc., SolvayPharmaceuticals Inc. and the Sam Yang Group.
Pfizer and a Solvay subsidiary have made equity investmentsin TheraTech that will be 6 percent and 6.8 percent,respectively, after the offering. Syntex and Sam Yang haveequity investments that will be below 5 percent.
If the offering is completed, TheraTech will have 9.4 millionshares outstanding. Underwriters William Blair & Co. andVector Securities International Inc. have a 300,000-shareoverallotment option. -- Karen Bernstein
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