NuPathe Expects IPO This Week

NuPathe Inc. said Monday that the company expects to raise up to $80 million this week in an initial public offering, according to Associated Press.

The company is offering 5 million shares at an expected range of $14 to $16 per share. The company is offering underwriters, which include Leerink Swann LLC, Lazard Capital Markets LLC, Stifel, Nicolaus & Co., and Needham & Co., an option to buy up to 750,000 additional shares of common stock to cover excess demand.

The company expects to ask for Food and Drug Administration approval of Zelrix during the fourth quarter. Zelrix, the company's most advanced product candidate, is geared toward treating migraines.

NuPathe, which is based in Conshohocken, Pa., expects $66.5 million in net proceeds from the IPO, or $76.9 million if underwriters fully exercise their option to buy additional stock.

NuPathe said it would use about $36 million to fund development and for the potential launch of Zelrix. The remainder would be used for other research and development and for working capital and general corporate purposes.

The company has a potential Parkinson's disease and a potential schizophrenia treatment in the laboratory stages of development.

Shares of NuPathe would trade under the "PATH" symbol on the Nasdaq Global Market.