We reporters who cover biopharma are inundated with story pitches from companies and PR folks. Most of them go immediately into the electronic trash bin.
But even though the one I'm blogging about should have been deleted because it fails to pass the top CNBC-coverage criterion--the prerequisite of being a publicly-traded company--I couldn't let this one go so fast.
A specialty pharmaceuticals company called Xanodyne out of greater Cincy (it's actually located in Kentucky) is announcing positive late-stage test results on a drug for menorrhagia.
What in the heck is that you ask?
Well, much to the tiny company's credit, it explains the term right after the first mention of it in the press release. (Press release writers are you listening?)
Menorrhagia is heavy menstrual bleeding.
The company says it plans to file for Food and Drug Administration approval of the drug early next year and that if it's okayed, it would become the first FDA-approved product for the problem.
No offense to the women--and men--who have to live with it (and one unidentified CNBC female blogger tells me there are many), but let's just say this would be a tough sell to get on TV even if Xanodyne were public.
According to a press release on its website Xanodyne announced last year that it wants to do an IPO (initial public offering).
But it's perhaps no surprise that it hasn't happened yet. According to the latest stats from Burrill and Co., which invests in and analyzes the industry, there have only been $6 million worth of IPOs this year, including $0 in the entire second quarter. That compares to $2 billion worth last year.
The weak biopharma IPO environment is definitely a topic we'll be addressing at a panel I'm moderating later today at the "Yale MBA for Executives: Leadership in Healthcare" program. And that's another reason you won't see me on air today reporting on new hope for the treatment of menorrhagia.
Questions? Comments? Pharma@cnbc.com