Braeburn Pharmaceuticals said today that it plans to raise $150 million by offering 7,692,308 shares of its common stock. The Princeton, N.J.-based company wrote in regulatory filings that it expects the initial public offering price for its stock to be between $18.00 and $21.00 apiece.
Apple Tree Partners has indicated an interest in buying $50 million of shares of Braeburn’s common stock and has also agreed to purchase $40 million of the company’s common stock in a private placement upon the completion of the public offering.
Braeburn, which plans to list its shares on the Nasdaq market under the symbol “BBRX”, has developed a 6-month buprenorphine implant for the treatment of opioid addiction – the 1st device of its kind to be approved by the FDA.
Get the full story at our sister site, Drug Delivery Business News.
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