Lone IPO of the Week: Anthera Pharmaceuticals

Anthera Pharmaceuticals (NASDAQ:ANTH), a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation, is expected to price its IPO this week.

Business Overview (from prospectus)

We are a biopharmaceutical company focused on developing and commercializing products to treat serious diseases associated with inflammation, including cardiovascular and autoimmune diseases. We currently have one Phase 3 ready clinical program, A-002, and two Phase 2 clinical programs, A-623 and A-001. A-002 and A-001 inhibit a novel enzyme target known as secretory phospholipase A2, or sPLA2. Elevated levels of sPLA2 have been implicated in a variety of acute inflammatory conditions, including acute coronary syndrome and acute chest syndrome, as well as chronic diseases such as stable coronary artery disease, or CAD. Our Phase 2 ready product candidate, A-623, targets elevated levels of B-lymphocyte stimulator, or BLyS, which has been associated with a variety of B-cell mediated autoimmune diseases, including systemic lupus erythematosus, or lupus. We have worldwide rights to our product candidates, with the exception of Japan, where Shionogi & Co., Ltd. retains commercial rights to our sPLA2 product candidates.

Offering: 4.6 million shares at $13 - $15 per share. Net proceeds of approximately $74.3 million will be used to fund the continued clinical development of A-002, A-623, A-001, capex and for working capital.

Lead Underwriters: Deutsche Bank (NYSE:DB)

Financial Highlights:

To date, the company has not generated any revenue. It does not expect to generate revenue unless or until it obtains regulatory approval of, and commercialize, the product candidates or in-license additional products that generate revenue...net loss was $12.2 million for fiscal 2009, compared to $18.1 million in 2008...the company expects to incur additional losses over the next several years, and these losses may increase if it cannot generate revenues...

Competitors

Our industry is highly competitive and subject to rapid and significant technological change. Our potential competitors include large pharmaceutical and biotechnology companies, specialty pharmaceutical and generic drug companies, academic institutions, government agencies and research institutions. We believe that key competitive factors that will affect the development and commercial success of our product candidates are efficacy, safety and tolerability profile, reliability, convenience of dosing, price and reimbursement.

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