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Migraine therapy developer Satsuma Pharmaceuticals files for $86.3M IPO

Biopharmaceutical company Satsuma Pharmaceuticals Inc. has filed for an IPO of up to about $86.3 million of its common stock.

The South San Francisco, Calif.-based company is developing a product named STS101 for the acute treatment of migraine. It has has applied to list its common stock on the Nasdaq Global Market under the symbol STSA.

STS101 is a drug-device combination of a proprietary dry-powder formulation of the migraine drug dihydroergotamine mesylate, or DHE, which can be self-administered with a proprietary prefilled, single-use, nasal delivery device.

Satsuma plans to use the net proceeds from the IPO to fund its phase 3 clinical trials for STS101. Any remaining funds will be used to further develop the product, including establishing commercial-scale manufacturing capabilities, working capital and general corporate purposes.

The company expects to file a new drug application for STS101 with the U.S. Food and Drug Administration by the end of 2021.

Satsuma has been headed by President and CEO John Kollins since July 2016. Before co-founding the company, Kollins was managing director of Parnassus Advisors LLC, which he founded to provide strategic consulting and corporate development services to biopharmaceutical companies.

Credit Suisse Securities (USA) LLC, SVB Leerink LLC and Evercore Group LLC are acting as underwriters for the IPO.