Corium International IPO
Corium International plans to raise up to $50 million in an IPO to help with its efforts to develop patches used in drug delivery.
The Menlo Park company led by CEO Peter Staple adapts its technology to help deliver drugs developed by five partners, two of which have made it to the U.S. market. They are a clonidine patch developed with Teva Pharmaceuticals for the treatment of hypertension and ADHD and a Fentanyl patch developed with Par Pharmaceuticals for treatment of chronic pain.
It also developed a tooth whitening system with Proctor & Gamble that is on the market.
Corium revenue rose from $35.7 million in 2012 to $37.7 million in 2013. During that time its net loss more than doubled from $5.4 million to $13.9 million.
The company has publicly disclosed about $40 million in venture funding, including money from Essex Woodlands Health Ventures, which holds about a 56 percent stake in Corium.