Anthera Pharmaceuticals (ANTH) (NASDAQ:ANTH) is a pharmaceutical company developing drug treatments for respiratory, cardiovascular, and immunological diseases. Its current products in development are therapies for the inflammation of heart muscle, lupus, and sickle cell disease.
For pharmaceutical drugs to reach the market, it must pass three stages of FDA approval process. Anthera's lead product candidate A-002, a drug to treat symptoms of shortage of oxygen to the heart (acute coronary syndrome), has completed the second stage for FDA approval.  The 2009 market size is valued at $1 billion. 
The company's initial public offering of stock was filed on 16 September 2009 and is expected to begin trading on the week of February 22. The proposed offer price range is $13-$15. The company offered 4.6 million shares. 
In the FY 2009 ending 31 December 2009, it reported $11.8 million in operating expenses, down 14.8% from $13.86 million in operating expenses in 2008. The company has not incurred any revenues, and it cannot incur any revenues until it receives regulatory and commercial licenses for its products.