A High Point, North Carolina company developing anti-seizure drugs has filed to raise as much as $5 million in an initial public offering, according to a filing with the Securities and Exchange Commission.
Axium Pharmaceuticals Inc. wants to sell 50 million shares at a price of 10 cents per share, according to the filing.
There is no underwriter for the offering. The company also has shareholders who want to sell 45.1 million shares.
Axium Pharmaceuticals lists a number of risk factors for investing in the offering, including that it may not be able to protect its intellectual property. It currently has one patent pending.
The company, which was formed earlier this year, is developing drugs aimed at treating neurological disorders, such as epilepsy and panic attacks, infectious diseases and diabetes. Its drugs are delivered via nasal and oral spray formulations.
The company believes that providing treatment with nasal and oral spray formulation can provide a fast and effective treatment of acute seizures in the hospital, outpatient settings or in the home.
Axium Pharmaceuticals currently has no employees and no revenue. It estimates that its research and development expenses for the next 12 months will be approximately $3 million, primarily for research and pilot studies.
It also estimates that other expenses, including personnel, general and administrative and miscellaneous expenses, could be as much as $2 million during the same time period.
Its chief executive officer is Anthony Harrelson, who is also the CEO of White Oak Industries, a biopharmaceutical company focused on the development and commercialization of fully personalized immunotherapies for the treatment of infectious diseases.
Harrelson plans to sell 42.7 million shares of stock in the company.