Sucampo files to sell up to $86.25 million of stock in IPO

New York, June 19 - Sucampo Phaarmaceuticals, Inc. registered to sell up to $86.25 million of common stock through an initial public offering in an S-1 filing with the Securities and Exchange Commission.

Banc of America Securities LLC and Deutsche Bank Securities will be joint bookrunners with Leerink Swann & Co. at co-manager.

Sucampo, a Bethesda, Md., pharmaceutical company, will use $20 million of the proceeds from the IPO to fund its share of development activities for Amitiza for the treatment of additional gastrointestinal indications, including two ongoing pivotal phase 3 clinical trials for the treatment of irritable bowel syndrome with constipation, $20 million to fund development activities for SPI-8811 and SPI-017, including a phase 2 clinical trial of SPI-8811 for the prevention and treatment of non-steroidal anti-inflammatory drug-induced ulcers, up to $25 million to fund expansion of sales and marketing infrastructure in the United States, additional clinical trials and sales and marketing efforts by Sucampo Europe and Sucampo Japan, and development activities for other prostone. Any remaining funds will be used for general corporate purposes.

Sucampo is on the discovery, development and commercialization of drugs based on prostones, a class of compounds derived from functional fatty acids that occur naturally in the human body.

The therapeutic potential of prostones was first identified by one of Sucampo's founders, Ryuji Ueno.

Sucampo's first product, Amitiza (lubiprostone), received marketing approval from the Food and Drug Administration in January the treatment of chronic idiopathic constipation in adults.

The company also intends to obtain approval of Amitiza for additional constipation-related gastrointestinal indications with large, underserved markets. It is currently conducting two pivotal phase 3 clinical trials of Amitiza for the treatment of irritable bowel syndrome with constipation. results are expected in the first quarter of 2007.

In addition, Sucampo plans to begin phase 2/3 pivotal clinical trials of Amitiza for the treatment of opioid-induced bowel dysfunction by early 2007.

Sucampo has a a collaboration and license agreement with Takeda Pharmaceutical Co. Ltd. to jointly develop and commercialize Amitiza for chronic idiopathic constipation, irritable bowel syndrome with constipation, opioid-induced bowel dysfunction and other gastrointestinal indications in the United States and Canada. Takeda is marketing Amitiza broadly to office-based specialty physicians and primary care physicians while Sucampo is promoting Amitiza through a specialty sales force in the institutional marketplace, including specialist physicians based in academic medical centers and long-term care facilities.

Sucampo is also developing SPI-8811 for the treatment of ulcers induced by non-steroidal anti-inflammatory drugs, portal hypertension, non-alcoholic fatty liver disease, cystic fibrosis and chronic obstructive pulmonary disease. It has completed phase 1 trials of SPI-8811 for NSAID-induced ulcers, a phase 2a trial for non-alcoholic fatty liver disease and a phase 2a trial for cystic fibrosis, according to the S-1 filing.

In addition, the company has SPI-017 for the treatment of peripheral arterial and vascular disease and central nervous system disorders.

Sucampo has applied to list its stock on the Nasdaq National Market under the symbol "SCMP."

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