Cara Therapeutics Files For $60 Mln IPO

(RTTNews) - The Shelton, Connecticut-based Cara Therapeutics, filed a registration statement on Friday on Form S-1 with the U.S. Securities and Exchange Commission to raise up to $60 million in an initial public offering.

The company expects to list its shares to trade on the NASDAQ Global Market under the symbol "CARA".

The company, which was founded in 2004, plans to invest offering net proceeds in short-term, interest bearing obligations, investment-grade instruments, certificates of deposit or direct or guaranteed obligations of the United States.

Stifel and Piper Jaffray are the joint bookrunners on the deal.

For the 9-month ended September 2013, the company reported a net loss available to common stockholders of $979 thousand or $0.10 per share, narrowed from $4.47 million or $0.54 per share last year. Total revenues surged to $10.99 million from $1.19 million last year..

Cara Therapeutics, a clinical-stage biopharmaceutical company, focused on developing and commercializing new chemical entities designed to alleviate pain by selectively targeting kappa opioid receptors.