PAH drug-device developer SteadyMed prices IPO
This article was originally published in Scrip
Israeli firm SteadyMed, which is developing a drug-device combination product for the treatment of pulmonary arterial hypertension (PAH), has priced its IPO – but raised less than expected. The firm pulled in $40m by selling 4.7 million shares at $8.50, below the $12-14 range it gave when it set terms in March. It also falls short of the $55m it said it was targeting in a filing with the US Securities and Exchange Commission in February. SteadyMed's Trevyent device, which uses its PatchPump technology, is prefilled with treprostinil, which it claims is the only parenteral drug for PAH approved by the US FDA for both intravenous and subcutaneous administration. The single-use pump, which itself is still investigational and not yet approved by the FDA, delivers the drug over two days. It is also equipped with sensors to give patients feedback on successful delivery and end of dosing, the company says.