Cara Therapeutics, a Stamford-based biotech startup developing treatments for chronic and acute pain and the itch condition pruritus, announced this week an $85.5 million stock offering to support its latest research and development initiatives.

The company plans to use proceeds from the offering of 4.5 million shares to support major clinical projects, which include completing third-phase testing and submitting a new drug application to the U.S. Food and Drug Administration for its Korsuva injection to treat pruritus linked to chronic kidney disease in patients undergoing hemodialysis. The funds would also help advance testing for an oral form of Korsuva to treat pruritus of patients with chronic kidney disease and chronic liver disease.