Boulder-based pharmaceutical company Nivalis Therapeutics has filed for an initial public stock offering to raise up to $60 million.
Nivalis is a clinical-stage company focused on treatments for cystic fibrosis.
Until , Nivalis was known as N30 Pharmaceuticals.
In a filing with the U.S. Securities and Exchange Commission, Navalis said proceeds from the stock offering will be used for continued development of its lead cystic fibrosis treatment compound, N91115, and for general corporate purposes.
The company last year said it had from investors including investors Wellington Management, RA Capital Management LLC, Jennison Associates LLC, Rock Springs Capital Management LP, and Sabby Management LLC. Those companies joined an existing investor, Deerfield Management Company LP.
In its SEC filing, Nivalis identified financial risks including an accumulated deficit of $130.3 million and “significant net losses” in each year of its existence, including a total of $40.8 million in net losses over the past three years.
“We have devoted most of our financial resources to research and development, including our preclinical research and development activities and clinical trials,” Nivalis said in the filing. “We have not completed the development of any product candidate.”
The company said it “will likely not generate meaningful revenue” until its lead compound is approved by the FDA and is successfully marketed.
Steve Raabe: 303-954-1948, sraabe@denverpost.com or twitter.com/steveraabedp
