That old black magic is back

Napo Pharmaceuticals Inc.'s crofelemer gastrointestinal therapeutic has a long history, including a failed Phase III trial more than seven years ago followed by a stint as a nutraceutical. But the executive who originally worked on the compound thinks she now knows the right indications to work on and is taking another shot at developing the proanthocyanidin as a drug.

Last week the California company raised £11.9 million ($22.2 million) in an IPO on the London Stock Exchange through the sale of about 14.3 million shares at 83p(see Ebb & Flow, A12). ...