Plymouth Meeting-based Harmony Biosciences, which markets the drug Wakix for patients with narcolepsy, is planning to raise $100 million with an initial public stock offering, writes John George for the Philadelphia Business Journal.
The company received approval from the Food and Drug Administration to use Wakix as a treatment for the sleep disorder in August last year.
Harmony plans to use the IPO proceeds to study potential new indications for pitolisant, the active ingredient in Wakix. This includes using the drug in pediatric patients to treat narcolepsy as well as using it to treat other rare neurological disorders.
The company will begin a mid-stage clinical trial later this year to evaluate the ingredient for the treatment of excessive daytime sleepiness in patients with Prader-Willi syndrome.
Next, Harmony plans to start a mid-stage study for the same condition in patients with myotonic dystrophy during the first half of next year.
Meanwhile, a late-stage study of its drug in pediatric narcolepsy patients is planned for the second half of 2021.
The company has yet to determine a price per share for the offering. The expected date of the offering was not given.
Read more about Harmony Biosciences at the Philadelphia Business Journal by clicking here.
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