Advancis Pharmaceutical

, a company with no commercial products and no revenue, is seeking to raise $86.3 million in an initial public offering.

The Germantown, Md., company said it would use the money for research and development, according to a registration statement filed Friday with the

Securities and Exchange Commission

. The R&D activities would include conducting clinical trials, purchasing equipment and pursuing licensing activities.

The filing did not describe how many shares of stock would be offered, the price of the shares or the timing of the offering, which will be managed by Lehman Brothers and Pacific Equities, of San Francisco.

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Advancis is developing pulsatile drug products using an experimental controlled-release technology that enables drugs to be delivered in rapid bursts, sending all of the medication through the body quickly rather than sending it in modest amounts over time. Advancis said this technology would be of special benefit to improving the delivery of antibiotics.

The company's immediate goal is to apply its technology to existing drugs that no longer have patent protection. It recently signed an agreement with

GlaxoSmithKline

(GSK) - Get Report

to develop a pulsatile version of Augmentin.

Advancis commenced operations in January 2000.