Quick Take
Synthetic opioid biopharma Avenue Therapeutics (Pending:ATXI) has filed updated terms for its $50 million IPO, seeking to sell 5 million shares of its common stock at a midpoint price of $10.00 per share.
Avenue is developing an IV formulation of Tramadol, a synthetic opioid that may be less addictive than traditional opioids, at a time when physicians may be more receptive to alternatives.
We won't know the top line results of its first Phase 3 trial until 2018. The company has at least $30 million more in forecasted trial expenses, and its parent has a concerning conflict of interest owning a co-manager of the IPO.
