Voyager Pharmaceutical files for $128.92 million IPO

By Ted A. Knutson

Washington, Sept. 9 - Voyager Pharmaceutical Corp. filed for an estimated $128.92 million initial public offering of common stock in an S-1 registration statement with the Securities and Exchange Commission.

WR Hambrecht + Co. is the underwriter.

The Raleigh, N.C.-based company is developing drugs associated with aging and development.

Its most advanced product candidate is Memryte, a small, biodegradable implant comprised of leuprolide acetate and a polymer, being developed for the treatment of mild to moderate Alzheimer's disease. According to Voyager, leuprolide acetate has been widely used over the past 20 years for the treatment of a number of hormone-related disorders, such as prostate cancer, endometriosis and precocious puberty, and has a well-established safety record in humans.

Voyager had a net loss of $11.626 million for the calendar year ended Dec. 31, 2004 and a net loss of $12.39 million for the first six months of 2005 with no sales.

Chairman and chief scientific officer Richard L. Bowen is the largest shareholder with 10.21 million shares for 24.3% of the pre-IPO total. President and chief executive officer Patrick S. Smith is second with 9.63 million shares for 22.9%.

The company hopes to be listed on the Nasdaq under the ticker symbol "VYGR"

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