Zynerba Pharmaceuticals, a preclinical biotech developing cannabinoid-based therapies for osteoarthritis and epilepsy, filed on Wednesday with the SEC to raise up to $58 million in an initial public offering.
The last cannabinoid-based health care IPO was GW Pharmaceuticals (GWPH), which became listed in the US in April 2013. Since then, it has traded up over 1,200%. However, Zynerba is at a much earlier stage in development.
The Devon, PA-based company, which was founded in 2007, plans to list on the NASDAQ under the symbol ZYNE. Zynerba Pharmaceuticals initially filed confidentially on January 12, 2015. Jefferies and Piper Jaffray are the joint bookrunners on the deal. No pricing terms were disclosed.
