Northbrook-based Horizon, headed by a former Abbott Laboratories vice-president, Timothy Walbert, is seeking to raise $86 million in an initial public offering, Horizon said in a regulatory filing this week.
Horizon plans to apply for U.S. Food and Drug Administration approval soon for Lodotra, a rheumatoid arthritis drug on the market in Europe. The firm already is seeking FDA approval for HZT-501, a pain reliever that combines ibuprofen with a high-dose antacid to prevent stomach ulcers.
Money raised through the offering would help Horizon complete clinical testing of the medications, submit FDA applications and fund market launches. No IPO date has been set.
Several companies have cut their prices on IPOs or have seen muted demand for new shares in recent weeks. Pennsylvania-based drug developer NuPathe Inc., for example, cut the expected range of its shares for its IPO, issued Friday, to $10, from $14 to $16.
Horizon had a net loss of $7.9 million and posted no revenue in the first quarter, the most recent available financial results, according to its regulatory filing.
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