A synthetic medical marijuana pioneer recently transplanted in Devon is experiencing an exciting high this week as it prepares to go public with 10 years worth of development and two promising therapy candidates.
Zynerba Pharmaceuticals is set to launch its $51.75 million initial public offering next week; the 3.45 million shares of common stock are expected to sell for $13 to $15 each, according to a Philadelphia Business Journal report.
IPO proceeds will help the 10-year-old firm further develop pain relief therapies for sufferers of epilepsy, fibromyalgia, peripheral neuropathic pain and other health conditions.
Currently its synthetic therapies are designed to be delivered through a patch and a gel. Zynerba will seek regulatory approval from the U.S. Food and Drug Administration, with human clinical testing anticipated to begin in late 2015 and mid-2016.
The company was brought to Chester County to benefit from new CEO Armando Anido, who led Malvern-based NuPathe and Chesterbrook-based Auxilium before they were acquired by Teva Pharmaceuticals and Endo International, respectively.
Read more about the coming IPO in the Philadelphia Business Journal here.
