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August 06, 2015

Drug company that mimics marijuana for pain relief goes public

Zynerba Pharmaceuticals creates synthetic cannabinoid therapies for epilepsy, fibromyalgia

A Pennsylvania drug company that is developing synthetic cannabinoid therapies to treat pain and epilepsy went public on Wednesday, raising $42 million.

As Philadelphia Business News reported, Zynerba Pharmaceuticals of Devon is the 10th Philadelphia- area drug or health care company to make an initial public offering in the last two years.

Zynerba is developing lab-made chemicals that act similarly to THC, the key component of marijuana, in order to treat painful diseases. The two lead candidates now at ZYN001, a patch that could help patients with fibromyalgia and peripheral neuropathic pain, and ZYN002, a gel that may treat refractory epilepsy, fragile X syndrome and osteoarthritis.

Other notable Philly-area drug companies that went public in the last year include AdaptImmune and Spark Therapeutics, which had IPOs of $191 million and $161 million, respectively.