Tuesday, February 7, 2012

Radius Health files IPO, aims for $86M

By Kyle Alspach, Boston Business Journal

Radius Health Inc., a Cambridge biotech that has raised at least $198 million in financing, on Monday filed to go public in an offering that could raise up to $86.2 million. The filing follows the completed IPO of another Cambridge biotech, Verastem, last month.

Led by CEO Michael S. Wyzga, former CFO of Genzyme, Radius is developing new treatments for osteoporosis and other women’s health conditions. The company is not generating revenue and had a $42.4 million net loss in 2011, according to the company’s IPO-intentions filing with the SEC.

Radius didn’t offer a proposed range for pricing its shares. The firm is looking to list on the Nasdaq under the symbol “RDUS,” and lead underwriters for the offering are UBS Investment Bank and Leerink Swann.

Radius is backed by a slew of investors, including GE Capital and Healthcare Financial Services along with local backer MPM Capital of Boston. The company received one of the largest venture rounds of any Massachusetts company in 2011, with a $91 million round that was first announced in May and closed in December.

Radius Health’s lead product candidate is BA058, which the company believes has a number of advantages for treating osteoporosis, including greater efficacy, faster benefit for building bone and shorter treatment duration.

Radius says it began a Phase 3 study last April on BA058, designed to show that the injection prevents new vertebral fracture compared to placebo. The company expects to report top-line data from the Phase 3 study in the first half of 2014.