Acologix files for $115 million IP0

By Angela McDaniels

Seattle, Aug. 16 - Acologix, Inc. filed for a $115 million initial public offering of common stock in a S-1 registration with the Securities and Exchange Commission on Wednesday.

The underwriters, the number of shares to be offered and the price range for the offering have not been determined. The underwriters will be granted a greenshoe.

Acologix is a development-stage biopharmaceutical company based in Hayward, Calif., focused on identifying, developing and commercializing therapeutic compounds for the treatment of osteo-renal diseases, including diseases related to hard tissues such as bone, teeth and cartilage and diseases related to the kidneys and associated organs.

The company's most advanced product candidate is an intravenous formulation of TRK-820 for uremic pruritus, a severe systemic itch associated with end-stage renal disease. A phase 3 study assessing the efficacy and safety of TRK-820 in hemodialysis subjects with uremic pruritus is ongoing in Europe, and a second phase 3 study is planned to begin in the United States in 2007.

Acologix recently completed two phase 2 studies evaluating AC-100, or Dentonin, in the regeneration of hard tissues for repair of dental and periodontal defects, according to the filing. A formulation of AC-100 to improve the healing of orthopedic fractures is also under development.

IPO proceeds will be used primarily to fund clinical trials, to prepare a sales and marketing organization, to fund preclinical research and development, to prosecute and maintain patents and for other general corporate purposes.

The company had 51,096,840 shares of common stock and 39,488,270 shares of redeemable convertible preferred stock outstanding at June 30.

President and chief executive officer Yoshinari Kumagai is the largest stockholder with 7.3 million shares for 14.2% of the pre-IPO common stock total. Entities affiliated with Japan Asia Investment Co. are second with 6,842,184 shares for 13.4% of the equity.

Acologix had a net loss of $7.49 million on $82,000 of revenue for the six months ended June 30. Cash and cash equivalents were $42.01 million at June 30.

Research and development costs for the first half of the year were $6.29 million.

The company said it will apply to list its common stock on the Mothers Section of the Tokyo Stock Exchange.

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