New Haven antibiotics developer Rib-X Pharmaceuticals Inc., in which Connecticut taxpayers hold a stake, is going public.
The biopharmaceutical company announced Monday that it has filed paperwork with the U.S. Securities and Exchange Commission for a proposed initial public offering of common stock.
Rib-X did not disclose the number of shares or the price of the offering, but the Dow Jones Newswire reports that the company is looking to raise $80 million.
Rib-X is developing new antibiotics to treat serious and life-threatening infections. The company raised $20 million earlier this year to fund ongoing safety and preclinical studies of its antibiotics to treat skin and tissue ailments caused by bacteria resistant to conventional treatments.
Connecticut Innovations Inc., the state’s quasi-public technology investment arm, has a stake in Rib-X.
Rib-X was founded in 2001 by Yale University colleagues Peter Moore, William Jorgensen and Thomas Steitz, winner of a portion of the 2009 Nobel Prize in Chemistry for his work describing the structure and function of the ribosome.
