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

By Douglas A. McIntyre Published Mar 12, 12:59PM EDT

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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

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.