Harmony Biosciences has been developing therapies for people with rare neurological disorders since October 2017. The Plymouth Meeting, PA-based company announced this week that it will present new data surrounding its narcolepsy therapy during this week’s Annual Meeting of the Associated Professional Sleep Societies. The presentation will reveal the outcomes of a recent Phase 3 clinical trial of pitolisant, an FDA-approved drug to remediate the symptoms of certain sleep disorders, bringing much needed rest to patients worldwide.
This new data comes on the heels of another big announcement within the company – Harmony recently announced its Initial Public Offering, which saw 5,348,837 shares of common stock available at $24 per share. Proceeds reached a little over $128 million. Underwriters will also have a 30-day option from the date of the IPO to purchase an additional 802,325 shares at the IPO price.
The Philadelphia area company exceeded expectations, which put the value of the IPO between $93 million and $107 million, at $20 to $23 per share. This makes Harmony the fourth life sciences company in the greater Philadelphia area to complete an IPO this year. Its NASDAQ ticker symbol is HRMY. Harmony’s largest shareholders include Valor IV Pharma Holdings, with a 22.6% stake, Marshman Fund Trust, with a 18.8% stake.
In its SEC filing, Harmony outlined its plans for the sudden influx of capital. About $78 million of the proceeds will go directly towards the clinical development of pitolisant’s other potential indications, which not only treats narcolepsy patients, but can also help patients with Prader-Willi syndrome and myotonic dystrophy. The rest of the proceeds will go towards business development opportunities and working capital.
Narcolepsy affects up to 200,000 Americans. The excessive sleepiness that results from the chronic sleep disruption often carries over into the daytime, leading to an inability to perform routine tasks that can place a burden on family, social and work life. With diagnosis sometimes taking up to a decade to achieve, Harmony hopes their research will increase awareness of this and other rare neurological diseases to improve the well-being and quality of life of millions of patients worldwide.
