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Neurmedix plans $50M IPO

Neurmedix Inc. plans to offer 8,333,333 shares at $6 apiece to raise about $50 million in its IPO.

Net proceeds from the offering are expected to be $44.3 million.

The biotechnology company plans to use the net proceeds for development and clinical trials of its products, working capital and general corporate purposes.

Neurmedix may also use the net proceeds for investment in strategic partnerships as well as the acquisition of complementary businesses, products or technologies.

San Diego-based Neurmedix develops biopharmaceutical products to treat neurological and neurodegenerative disorders.