Zynerba Pharmaceuticals is still experiencing a rollercoaster ride on the NASDAQ under the ticker ZYNE, since launching its more than fully subscribed Initial Public Offering of three million shares of common stock plus 450,000 in additional shares for the underwriters.

Listed on the NASDAQ under the symbol ZYNE, the entire offering totaling 3.45 million shares, including the underwriter’s optional shares, sold at its initial offer price of $14.00 per share, raising a total of $48.3 million. Since then the stock has been fluctuating wildly, with the shares having a particularly good day on Monday when the IPO officially closed, finishing at $35.14, up over forty percent from Friday’s close of $24.54.

By lunchtime on Tuesday, the stock was not faring as well, down 18.75% or $6.59 at $28.55, as initial buyers moved to take their profits, but will likely level out soon to a more normal trading range, once longer term investors cement their holdings, and the speculators move on to the next big thing.

The Devon based company also announced six new board members including former Merck executive Warren Cooper, Caliper Therapeutics President and CEO, Daniel Kisner, and Cynthia Risk, the former acting director of the Food and Drug Administration’s office of cellular, tissue and gene therapies.

The timing of the IPO was driven by Zynerba‘s desire to raise funds for the continued development of its two lead new drug candidates. The first, ZYN002, is a gel product which could be a potential treatment for patients with refractory epilepsy, Fragile X syndrome, and osteoarthritis. The other is ZYN001, a transdermal patch under development as a potential therapy for patients with fibromyalgia and peripheral neuropathic pain.

This IPO makes Zynerba the 10th Philadelphia-area developer of drugs and diagnostic health care products to go public during the past two years. What is attracting investors is Zynerba‘s unique delivery system for its synthetic cannabinoid products, as it is the only company to focus on a transdermal topical drug delivery system.

While Phase 1 clinical trials have not yet begun, Zynerba is planning to start with ZYN002 late in 2015, followed six months later with Phase 1 trials on ZYN001. Both sets of trials are expected to be conducted in Australia, avoiding the need to file with the FDA before their true potential can be assessed.