A Northbrook-based specialty drugmaker wants to raise at least $86.25 million in an initial public stock offering.
Clarus Therapeutics Inc.’s only product, an oral testosterone replacement therapy, is awaiting approval from the U.S. Food and Drug Administration. The company’s new drug application was accepted this spring.
Clarus has generated no revenue since it was founded in 2003, according to a filing with the Securities and Exchange Commission. It reported a net loss of $25.4 million for 2013 and up from a net loss of $18.5 million 2012. Spending on research and development increased sharply last year, according to the filing.
The company has $1.9 million available on March 31.
Clarus says nearly 20 million men in the U.S. between 45 and 75 years old suffer from low testosterone.
“We intend to build a specialty sales force of approximately 150 to 200 sales representatives to promote Rextoro, if approved, in the United States,” the company said in its filing.
The company has applied to have its shares traded on Nasdaq under the symbol “CLRS.”