A pharmaceutical firm in Israel is in the process of developing oral medication that reduce the side effects of the treatment of attention deficit hyperactivity disorder. Alcobra Pharma has filed documentation to raise nearly US$27.3 million through an initial public offer at the Nasdaq.
To achieve this, Alcobra seeks to sell shares between the price range of US$10 and US$12 with a volume of 2.27 million shares to fund the work in developing the drug regimen. According to a filing of the US Securities and Exchange Commission website.
Aegis Capital Corp was hired as the only bookrunner with Sunrise Securities Corp as co-manager. The proceeds of the IPO sale would be utilized to finance two advanced stage trials costing US$6 million each trial.
ADHD is prevalent between 3% and 5% of school age children, mostly males according to the National Institutes of Health. In its statement, Alcobra's MG01CI drug regimen indicates no detectable changes in sleep, appetite or mood patterns during a mid stage clinical study conducted on 120 adults.
Current amphetamine related medications have 'significant' side effects. The market for ADHD pharmaceutical treatements is projected to break the US$3.8 billion barrier in the United States.
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