IPO FILING: CyDex Pharmaceuticals, Inc. (CYDX, PFE, BMY, AZN)

CyDex Pharmaceuticals, Inc. has filed to come public via an IPO in what it lists for filing purposes as up to $50 million in securities sales.  It has applied to have the common stock approved for listing on the NASDAQ Global Market under the symbol "CYDX."  The underwriting group shows Pacific Growth Equities, LLC as the lead underwriter with JMP Securities and Fortis Securities also in the underwriting.

This is a specialty pharmaceutical company focused on the development and commercialization of drugs that have limitations of current therapies.  It notes that it has developed a portfolio of 12 product candidates utilizing its drug formulation technology using Captisol cyclodextrins. Captisol cyclodextrins are a patent protected, specifically modified family of cyclodextrins designed to improve solubility, stability, bioavailability, safety and/or dosing of a number of active pharmaceutical ingredients, or APIs.

It has a business outlicensing of its drug formulation technology to established pharmaceutical companies, and Pfizer (NYSE: PFE) and Bristol-Myers Squibb (NYSE: BMY) have commercialized these.  It also has a Phase II study in the U.K. with AstraZeneca (NYSE: AZN) Captisol-Enabled Budesonide solution for inhalation.

Total revenues were $12.745 million for 2007, broken down as:    

• Milestone and license $1.172M
• Material sales $6.819M
• Royalties $3.829M    
• Contract research $0.683M      
• "Other" $0.242M      

Jon C. Ogg
March 12, 2008