US biotech Avalyn Pharma is looking to launch an initial public offering (IPO) to raise the necessary funding to support its lead drug, AP01, for pivotal clinical trials, according to bioxconomy.com. AP01 is an inhaled formulation of pirfenidone, a widely used oral drug for the treatment of idiopathic pulmonary fibrosis (IPF). The drug is currently in a Phase IIb trial for progressive pulmonary fibrosis. According to a filing by the company with the US Securities and Exchange Commission (SEC),