Aclaris Therapeutics, the pharmaceutical company that is currently working on developing a proprietary hydrogen peroxide solution for common skin lesions, has filed an amended S-1 form with the U.S. Securities and Exchange Commission pursuant to its upcoming initial public offering.
The clinical-stage specialty pharmaceutical company headquartered in Malvern is offering 5 million shares provisionally priced between the range of $14 and $16, in an attempt to raise $75 million, with an overallotment option of an additional 750,000 shares. If the maximum price point is reached for the entire offering, then the IPO will be valued at up to $92 million.
Founded in 2012, Aclaris Therapeutics focuses on identifying, developing and commercializing pioneering and differentiated topical drugs to address important unmet needs in dermatology. The company intends to list on the Nasdaq Global Market under the symbol ACRS. Jefferies, Citigroup and William Blair are the joint underwriters on the deal which is expected to be formally priced next week.
The lead drug candidate for the company is A-101, a proprietary high-concentration hydrogen peroxide topical solution being developed as a prescription treatment for seborrheic keratosis, a common non-malignant skin tumor which affects more than 83 million people in the U.S.
Aclaris Therapeutics has already finalized three Phase 2 clinical trials of A-101 for more than 300 patients with seborrheic keratosis. During the trials and after just one or two applications of A-101, the company observed successful, clinically relevant and statistically significant improvements in the condition of seborrheic keratosis lesions on various parts of the body including the face.
Three Phase 3 clinical trials of A-101 in patients with seborrheic keratosis are planned for the first quarter of next year. Pending the success of those trials, a New Drug Application for A-101 for the treatment of seborrheic keratosis is planned to be submitted to the U.S. Food and Drug Administration in the fourth quarter of next year.
