The Israeli specialty pharmaceutical company SteadyMed Therapeutics had its initial public offering on NASDAQ on March 19 and began trading the following day.
SteadyMed, first covered by ISRAEL21c in 2007, is developing drug products to treat “orphan” diseases – those that affect a small percentage of people and therefore do not attract massive research funding.
The company’s lead candidate is Trevyent, a development-stage drug product that utilizes SteadyMed’s disposable PatchPump system to administer prefilled doses of treprostinil for the treatment of pulmonary arterial hypertension.
SteadyMed, part of the Profile Group of Companies in Jerusalem, secured $12.2 million in an equity financing last January.
It has offices in Rehovot and in California. The company offered 4,700,000 ordinary shares at $8.50 per share, and is listed on the NASDAQ Global Market under the symbol “STDY.”