By Angela Gonzales | Phoenix Business Journal
Insys Therapeutics Inc. has completed its $36.8 million initial public offering to help bolster sales of its medical marijuana drug — one of a handful of Arizona IPOs within the past seven months.
The resurgence of IPOs in Arizona is a sign that the economy is rebounding and capital is becoming more readily available.
Other recent Arizona IPOs include
• Tempe-based LifeLock Inc. raised about $141 million in its IPO in October.
• Scottsdale-based Taylor Morrison Home Corp. raised $590.9 million in April.
• Phoenix-based Sprouts Farmers Market just filed its intent to go public, hoping to raise $300 million.
• Scottsdale-based American Residential Properties Inc. also plans to raise $300 million.
It feels like there’s renewed strength in the Phoenix market, said Dax Williamson, director of the southwest region for Silicon Valley Bank.
“We certainly see it with even smaller growth companies, many of which are experiencing a high level of interest from both strategic and financial buyers,” Williamson said. “It is proof positive that innovation companies can successfully scale their businesses in Arizona.”
It’s been a long IPO road for Insys, which originally tried to go public in 2011 to trade on the Nasdaq exchange under the symbol INRX. It had filed a preliminary prospectus with the U.S. Securities and Exchange Commission that was expected to be completed March 29, 2011.
If you’d like to discuss medical marijuana, contact Ryan Hurley, director of the Rose Law Group Medical Marijuana Dept., rhurley@roselawgroup.com
