Northbrook oral testosterone drug maker plans IPO

Recommended by Dr. Michael White, Updated on May 4th, 2015
Reading Time: 2 minutes

A Northbrook-based developer of an oral testosterone drug plans an $86.2 million initial public offering, according to a Securities and Exchange Commission filing.

Clarus Therapeutics Inc. had filed for an IPO in 2010 but withdrew its plan in 2011.

The company plans to trade on NASDAQ under the symbol "CLRS." The company submitted a new-drug application in January for its oral testosterone replacement therapy to the Food and Drug Administration,

Clarus was founded in 2003 and began operating in 2004. It doesnt have any products approved for sale, and, to date, hasnt generated any revenue.

We do not expect to generate product sales revenue unless and until we obtain regulatory approval of, and commercialize, our sole product candidate, REXTORO, Clarus said in its filing. We have never been profitable and, from its founding through March 31, 2014, its operations have lost $71.3 million.

As of April 30, 2014, it had nine full-time workers, of which three have doctoral degrees and two are doctors.

Its current owners are: Thomas McNerney & Partners, a health care venture capital firm with office in Connecticut, Minnesota and California; H.I.G. BioVentures, which has 14 offices worldwide, including one in Chicago, and invests in drug, biotech and medical devices companies; and Proquest Investments, a health care venture capital firm headquartered in Naples, Fla. They own 59 percent, 24 percent and 16 percent, respectively, of Clarus.

Under the federal Jumpstart Our Business Startups Act of 2012, or the JOBS Act, an "emerging growth company" such as Clarus can delay the adoption of new or revised accounting standards, but it has decided to not take advantage of that exemption.

The JOBS Act also offers other exemptions and reduced reporting requirements that we are currently evaluating, it said.

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Northbrook oral testosterone drug maker plans IPO

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