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Alder BioPharmaceuticals is looking to raise approximately $150 million by selling off stock in order to continue work on a migraine prevention treatment called eptinezumab, according to a Securities and Exchange Commission filing today.

Alder, which is based in Bothell, Wash., and went public in 2014, is offering 15 million shares at a price of $10 each, according to a filing with the U.S. Securities and Exchange Commission Thursday. After underwriting discounts, the sale of stock could yield up to $141 million in proceeds for Alder.

This is not the first time Alder has sold stock. According to the company’s website, it raised more than $400 million in a pair of follow-on offerings in 2015 and another $134 million in a 2016 follow-on offering.

Developing drug treatments is a highly expensive, risky and speculative undertaking, the company said in the prospectus of the filing announcing the stock sale. The company warned that it has yet to generate any revenue off its product sales and may never be profitable. In the last quarter alone, Alder racked up a loss of more than $100 million.

“We have not completed the development of any products, and eptinezumab is our only product candidate in the clinical stage of development,” the company wrote in the filing. “We have never generated revenues from the sale of any products. Our ability to generate revenues and achieve profitability depends in large part on our ability, on our own or with any of our future collaborators, to successfully complete the development of, obtain the necessary regulatory approvals for, and commercialize our product candidates. We do not anticipate generating revenues from sales of products for several years, if at all.”

Eptinezumab is at a critical point in its development. Alder just announced last month that the drug “met the primary and key secondary endpoints” following its first trial. The drug’s second trial was completed earlier this year, and the third will happen soon. Alder said it plans to submit a biologics license application to U.S. Food and Drug Administration in the second half of next year. If granted, Alder would then be able to start manufacturing and selling the drug commercially.

Alder’s stock has lost about half its value in the last three weeks. The drop seems to be tied with the announcement related to its first trial. Alder’s stock has bounced back today, rising 18 percent, and climbing slightly in after-hours trading.

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