ARYx THERAPEUTICS, INC. has filed to raise up to $86.25 million in an IPO under the ticker "ARYX" on NASDAQ. The biotech has secured Morgan Stanley, CIBC World Markets, Jefferies & Co, and Leerink Swann as its underwriters.
The company actually has a fairly unique model developing a portfolio of internally discovered product candidates designed to eliminate known safety issues associated with well-established, commercially successful drugs. It uses its own "RetroMetabolic Drug Design" technology to design structurally unique molecules that retain the efficacy of these original drugs but are metabolized through a potentially safer pathway to avoid specific adverse side effects associated with these compounds.
The lead and most advanced product candidate, ATI-7505, is based on cisapride and has successfully completed Phase 2 clinical trials for the treatment of gastroesophageal reflux disease and symptoms associated with functional dyspepsia; its second product candidate, ATI-5923, is based on warfarin and is currently in Phase 2 proof-of-concept clinical trials for use as an anticoagulant to treat patients at risk for the formation of dangerous blood clots; its third product candidate, ATI-2042, is based on amiodarone and is in Phase 2 clinical trials for the treatment of atrial fibrillation, a form of irregular heartbeat. Its targets are drug candidates targeting multi-billion dollar markets and it has a worldwide collaboration with Procter & Gamble Pharmaceuticals (NYSE:PG) for the development and commercialization of ATI-7505.
The company’s main revenues appear to be collaborative revenues from P&G as it has no products on the market, so it is still just in clinical stages. Additional milestone revenue could reach approximately $391 million over the remaining life of the collaboration, of which approximately $216 million could be earned prior to commercialization.
Jon C. Ogg
August 31, 2007
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.