Iterum Therapeutics set terms Tuesday for its initial public offering, in which the drugmaker could raise up to $85.3 million. The company, which is developing sulopenem antibiotic that could potentially be the first and only oral and intravenous branded penem available globally, is offering 5.3 million shares in the IPO, which is expected to price between $14 to $16 a share. The stock is expected to list on the Nasdaq Global Market under the ticker symbol "ITRM." If the underwriters of the offering exercise all the options granted to buy additional shares, the company could raise up to $98.1 million. Iterum said certain directors and shareholders have expressed interest in buying a total of about $35 million worth of shares in the offering. The company plans to use the proceeds to fund a phase 3 clinical trial, for milestone payments to Pfizer Inc. and for general corporate purposes. Iterum is looking to go public at a time when the Renaissance IPO ETF has lost 1.7% over the past three months and the S&P 500 has eased 0.5%.