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Home 🌿 Cannabis Technology News 🌿 Cannabis patch startup pulls off a $42M IPO to fund drugs for epilepsy, pain 🌿Cannabis patch startup pulls off a $42M IPO to fund drugs for epilepsy, pain
Pennsylvania drugmaker Zynerba Pharmaceuticals ($ZYNE) is making its way to Wall Street with some cannabis-derived treatments for central nervous system disorders, raising $42 million in an IPO.
The company priced 3 million shares at $14 each, the middle of its range, and set aside another 450,000 shares for its underwriters to line up for as much as $51.8 million in total.
With the proceeds, Zynerba will press forward with a pair of early-stage transdermal patches that mete out cannabinoid chemicals to treat a host of CNS ailments. ZYN002, slated to enter clinical trials in the second half, has shown promise in refractory epilepsy, Fragile X syndrome and osteoarthritis pain, the company said. And ZYN001, in line for Phase I next year, targets fibromyalgia and peripheral neuropathic pain.
The promise of cannabis-derived pharmaceuticals has drawn a slew of companies to the field over the past few years, including GW Pharmaceuticals (...
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