(Reuters) - Braeburn Pharmaceuticals Inc filed with U.S. regulators on Friday to raise up to $150 million in an initial public offering, seven months after its implant to treat opioid addiction was approved in the United States.
The U.S. Food and Drug Administration in May approved an implant to fight addiction to opioids, a class of drugs that includes prescription painkillers and heroin.
Braeburn said it is planning a full-scale commercial launch of the matchstick-sized implant, Probuphine, which it has developed along with Titan Pharmaceuticals Inc (TTNP.O).
U.S. deaths from drug overdoses hit a record in 2014, increasing 6.5 percent to 47,055, propelled by prescription painkiller and heroin abuse, according to the Centers for Disease Control and Prevention.
The company said it intended to list its common stock on the Nasdaq under the ticker symbol “BBRX”.
Princeton, New Jersey-based Braeburn did not mention the size of the offering.
Private equity firm Apple Tree Partners IV LP and its affiliates will purchase $40 million of Braeburn’s common stock and control a majority of the voting power of Braeburn’s stock.
J.P. Morgan, BofA Merrill Lynch and Deutsche Bank Securities are the underwriters, the company said in a filing with the U.S. Securities and Exchange Commission. (bit.ly/2hDfLhV)
The amount of money a company says it plans to raise in its first IPO filing is used to calculate registration fees. The final size of the IPO could be different.
Reporting by Dipika Jain in Bengaluru; Editing by Martina D'Couto