Seattle biotechnology company Acucela is prepping for a $125 million IPO on the Tokyo Exchange.
An SEC filing published today reveals that Acucela, which is developing technologies to treat blinding eye diseases, posted a profit of $5.1 million in 2013 through Sept. 30.
Since 2008, the clinical-stage company made its money via a partnership with Otsuka, the second-largest pharmaceutical in Japan. However, in September, Otsuka terminated a “Rebamipide Agreement” in place due to failures with a Phase 3 clinical trial, which resulted in the termination of 35 percent of Acuela’s workforce (30 employees). Otsuka still owns 15 percent of Acucela.
In the risk factors section of the filing, the Seattle-based company notes that it would be difficult to retain Otsuka as a collaboration partner. Acucela also added that it does not yet have any products approved for commercial sale.
Acucela was founded in 2002 by ophthalmologist Ryo Kubota, who discovered the gene that causes glaucoma. Here’s Kubota describing the company:
Here’s Acuela’s latest financials:
