According to a news source, Redwood City, California-based Relypsa, Inc. seeks to raise $150 million by offering more than 7.87 million shares priced at $16 to $19 in a deal that includes an over-allotment of more than 1 million shares. Relypsa, which develops drugs to treat cardiovascular and renal disease, filed an initial public offering (IPO) to raise $126.5 million in September 2013 and increased the offering to $138 million in October. The company reportedly plans to use the funds to develop and produce Patiromer, a treatment for hyperkalemia—a potentially deadly condition in which blood potassium levels become elevated.
Sources indicate that a two-part, Phase III trial has been completed and Relypsa plans to submit Patiromer for Food and Drug Administration approval in 2014. The company is also reportedly developing a preclinical drug candidate, RLY-6002, to treat adults with type 2 diabetes. See San Francisco Business Times, November 1, 2013; Silicon Valley Business Journal, November 4, 2013.