AcelRx (NASDAQ:ACRX) is a pharmaceutical company which develops and sells treatments for acute and breakthrough pain. In particular, the product would help with post-operative pain. AcelRx has completed Phase 2 and is preparing to conduct two Phase 3 clinical trials for its lead product.
Acute and breakthrough pain associated with the post-operation period is often treated with intravenous (IV) opioid injections. These tend to have negative side effects due to the usage of morphine. In addition, there can be delivery and programming errors from the complex infusion pumps used to provide the patients with the opioid. AcelRx's lead candidate involves a patient administered dosage sublingual, or below the tongue. AcelRx also uses Sufentanil rather than morphine.
The company's initial public offering of stock on the NASDAQ occurred on February 10, 2011. The company offered 8M shares each for $5. The company originally planned to sell 5.8M shares within the range of $12-$14. This would have made the deal worth $75.4M, but the drop in price brought the total deal to $40M even after the rise in shares sold. The lead underwriter of the deal was Piper Jaffray Companies (PJC). Canaccord Capital (BER:C6U), Cowen Group (COWN), and JMP Group (JMP) acted as comanagers.
Because AcelRx does not have a commercially viable yet, the company is still in the pre-revenue stage. As a result, the company has incurred high Research & Development expenses without making money. For the first 9 months of 2010, AcelRx's net loss was $10.8M, 58% of which was from research and development expenses.