Satsuma Pharmaceuticals, a clinical-stage biotech developing a therapy for migraines, filed on Friday with the SEC to raise up to $86 million in an initial public offering.
Satsuma's lead product candidate, STS101, is a drug-device combination of a powder form of dihydroergotamine mesylate that can be self-administered with a pre-filled, single-use, nasal delivery device. In July 2019, the company initiated a Phase 3 trial of STS101 and expects to report topline data in the second half of 2020.
The South San Francisco, CA-based company was founded in 2016 and plans to list on the Nasdaq under the symbol STSA. Satsuma Pharmaceuticals filed confidentially on June 21, 2019. Credit Suisse, SVB Leerink and Evercore ISI are the joint bookrunners on the deal. No pricing terms were disclosed.
