August 06, 2015
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.