Three Life Sciences Companies Plan to Ring More than New Year's Bells
Three IPO aspirants have stepped up at the start of the new year.
CinCor Pharma, Inc., a clinical-stage biopharmaceutical company focused on developing its lead asset CIN-107 to treat cardio-renal diseases, revealed plans Monday for its market debut with 11 million shares in the IPO, expected to price between $15 and $17 a share.
The Cincinnati-based biotechnology firm has submitted regulatory documents with the Securities and Exchange Commission. The company's common stock is expected to list on the Nasdaq under the ticker symbol "CINC." The underwriters are Morgan Stanley, Jefferies and Evercore ISI.
CinCor intends to fund the development of its sole drug candidate, CIN-107, a highly selective, oral small molecule inhibitor of aldosterone synthase, to treat hypertension and other cardio-renal diseases. In a previous funding round, CinCor raised $143 million to advance the drug development program.
Also on Monday, Amylyx Pharmaceuticals announced it is going forward with 8,750,000 million shares in its own IPO, which is expected to price between $18 and $20 per share. Amlyx is dedicated to developing therapeutics to treat neurodegenerative disorders.
The Cambridge-based pharmaceutical company has applied to list its common stock on the Nasdaq Global Select Market under the ticker symbol "AMLX." Goldman Sachs, SVB Leerink and Evercore ISI are the lead underwriters.
Recently, the company's ALS candidate, AMX0035 (sodium phenylbutyrate [PB]) and taurursodiol (TURSO; also known as ursodoxicoltaurine) for the treatment of amyotrophic lateral sclerosis (ALS) was accepted for FDA priority review. If it gains FDA regulatory clearance, it would be the first new ALS treatment in the U.S. since the 2017 approval of Radicava (edaravone).
Disinfection technology player Applied UV Inc. also announced the closing of an $8 Million underwritten public offering. It was previously reported at about 2.7 million shares in the IPO. It is expected to price at $3 per share, for aggregate gross proceeds of approximately $8.0 million before deducting underwriting discounts, commissions and other offering expenses.
Applied UV expects to use the net proceeds of this offering for general corporate purposes, including new investments and acquisitions. The sole book-running manager for the offering is F Hutton, a division of Benchmark Investments, LLC.
Applied UV focuses on developing and acquiring technologies that address infection prevention in the health care, hospitality and commercial markets. It utilizes disinfection technology, leveraging the power of narrow-range light (UVC) to destroy pathogens safely, thoroughly and automatically.
The company has two wholly-owned subsidiaries, SteriLumen, Inc. ("SteriLumen") and Munn Works, LLC ("Munn Works"). SteriLumen's connected platform for Data Driven Disinfection applies the power of ultraviolet light (UVC) to destroy pathogens safely, addressing the challenge of healthcare-acquired infections ("HAIs").