Clinical-stage biopharma, Applied Therapeutics, updated the filing for its upcoming IPO. The company will raise up to $86 million. It intends to trade under the symbol, "APLT", on NASDAQ.

Applied focuses on molecules and pathways whose role in the disease process is well known based on prior research, but have previously failed to yield successful products due to poor efficacy and tolerability. Their approach leverages recent technological advances to design improved drugs, employs early use of biomarkers to confirm biological activity and focuses on abbreviated regulatory pathways.

The company currently has four candidates in development. Its lead candidate, AT-001, is being studied as treatment for diabetic cardiomyopathy (DbCM) (Ph II), diabetic peripheral neuropathy (Ph I), and acute myocardial infarction (pre-clinical).

DbCM is a fatal fibrosis of the heart, for which no treatments are available. DbCM is estimated to afflict 17% of diabetic patients, equating to an estimated 77 million patients globally.