Avenue Therapeutics, which is developing an IV formulation of the opioid tramadol, announced terms for its IPO on Monday.
The New York, NY-based company plans to raise $50 million by offering 5 million shares at a price range of $9 to $11. At the midpoint of the proposed range, Avenue Therapeutics would command a fully diluted market value of $108 million.
The company is being spun out of Fortress Biotech (Nasdaq: FBIO).
Avenue Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol ATXI. Raymond James is the sole bookrunner on the deal. It has not disclosed deal timing.
