Braeburn Pharma Won't Continue With IPO

Braeburn Pharmaceuticals won't continue with an initial public offering, the company and its only shareholder, Apple Tree Partners, said, though they may consider an IPO in the future. The company, which makes medications for central nervous system diseases and whose initial IPO filing said it expected to raise up to $150 million, said it decided "the current market environment does not represent an appropriate financing opportunity." Braeburn said it will work in the near-term to launch its opioid addiction implant Probuphine, which was approved by the Food and Drug Administration in May 2016, and to apply for approval of its injectable opioid treatment CAM2038. Clinical trial results for schizophrenia and chronic pain drugs are expected in the coming quarters, Braeburn said.