Overview

Based in Princeton, NJ, Braeburn Pharmaceuticals (Pending:BBRX) is commercializing an improved delivery mechanism, called Probuphine, which is used for treating opioid addiction. The company has additional related product candidates under development.

According to its most recent S-1 filing, Braeburn intends to sell 7.7 million shares in its IPO at a midpoint price of $19.50 per share. The deal is set to price this Wednesday evening, 2.1.2017. Joint bookrunners are J.P. Morgan, BofA Merrill Lynch, and Deutsche Bank; Canaccord Genuity is listed as a co-manager. The deal is currently oversubscribed.

Founded in 2012 to develop a treatment for central nervous system disorders, Braeburn is a wholly-owned portfolio company of Apple Tree Partners IV.

Braeburn Pharmaceuticals has indicated it will use the net proceeds to advance its product candidates and commercialize its lead product.

A full pipeline is below via the company’s website.

Financial Performance

Braeburn’s recent financial performance is typical for a newly commercialized stage bipharma, with high expenses and R&D, little to no revenues, and significant use of cash.

For the year ended December 31, 2015, Braeburn reported revenue of $25,000 and total expenses of $38.3 million. For the nine months ended September 30, 2016, the company reported unaudited revenue of $42,000 and expenses of $78 million. Net loss ticked in at $76.8 million.

As of September 30, 2016, the company reported total liabilities of $23.1 million and $23.5 million cash on-hand.

Market & Competition

According to a report from 2016 by the Department of Health & Human Services, the U.S. is in the middle of an opioid epidemic. Drug overdoses were to blame for more deaths in 2014 than ever before, and 60% of those overdoses involved an opioid. In 2014, an average of 78 people die per day in the U.S. from opioid-related overdoses.

Print Friendly, PDF & Email

Related Posts