Thar Pharma Seeks To Raise $50 Million In Initial Public Offering

Thar Pharmaceuticals Inc. plans an initial public offering to raise up to $50 million, according to a filing with the Securities and Exchange Commission late Friday. SunTrust Robinson Humphrey is listed as the sole underwriter for the offering. The biotech drug developer reported no revenue for 2015 and a per-share loss of $2.95. For the six months ended June 30, Thar reported just under $234,000 in "service revenue" and a net loss of $2.78 a share. The company plans to trade on the Nasdaq under the ticker symbol "THAR".