Prometheus Labs Updates its IPO Filing
Summary
Prometheus Labs Updates its IPO Filing Xconomy San Diego — San Diego-based Prometheus Laboratories, a specialty pharma and diagnostics company, has filed an amendment to its plans for an initial public offering, which has been in registration for nearly three years.In 2009, Prometheus generated just $84.2 million, or 24.7 percent, of its overall revenue from diagnostic cancer and gastroenterology services.In fact, the company has been generating most of its revenue from a single drug—budesonide, a treatment for moderate Crohn’s disease marketed as Entocort EC.Prometheus began selling budesonide capsules in 2005 under an exclusive rights agreement with AstraZeneca—which is set to expire at the end of this year.Prometheus says it bought the drug alosetron hydrochloride (Lotronex) for treating irritable bowel syndrome from GlaxoSmithKline in early 2009.
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