Drugmaker Supernus files $100 million public offering

Rockville drugmaker Supernus Pharmaceuticals, which specializes in treatments for central nervous system disorders, plans to raise $100 million in an initial public offering of stock, according to a filing Thursday with the Securities and Exchange Commission.

The company said it plans to use the proceeds of the offering to fund clinical trials and cover expenses. The number of shares to be sold or their anticipated price was not disclosed, but Supernus said it plans to list its shares on the Nasdaq Stock Market under the ticker "SUPN."

Supernus develops drugs that enhance the efficacy of existing treatments made by other companies for central nervous system disorders. The firm has two drugs to treat epilepsy that are in the late stages of development, including a once-daily, extended-release pill for which it plans to seek Food and Drug Administration approval early next year. An immediate-release version of the drug by another firm is currently on the market.

Two other products designed to address attention deficit hyperactivity disorder are currently in the second phase of clinical trials, according to the SEC filing. "We intend to continue to focus our development activities on known drug compounds and compounds with established mechanisms of action and thereby reduce the risks, costs and time typically associated with pharmaceutical product development," the company said.

Biotechnology companies are largely viewed as high-risk investments because years of clinical trials and regulatory reviews can be costly without the guarantee of bringing a product to market. If successful, however, the payoff can often be significant.

The company posted a $29.9 million loss for the first nine months of 2010, compared with an $8.6 million profit during the comparable period last year, according to the filing. The 2009 figures account for a $36.9 million, one-time royalty payment from its former parent company, British drugmaker Shire Laboratories. Supernus was spun off in 2005 from Shire.

Supernus did not return a call seeking comment Thursday.

overlys@washpost.com