Thar Pharmaceuticals, which is developing novel oral therapies for chronic pain utilizing the 505(b)(2) pathway, withdrew its plans for an initial public offering on Wednesday. It originally filed in August 2016 with a proposed deal size of $50 million.
Competitor Axsome Therapeutics (AXSM; -18%) raised $51 million in a November 2015 IPO.
The Pittsburgh, PA-based company was founded in 2006 and had planned to list on the Nasdaq under the symbol THAR. SunTrust Robinson Humphrey was set to be the sole bookrunner on the deal.
