EMulate Therapeutics, which is developing a non-invasive medical device that uses radio frequency energy, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Bellevue, WA-based company now plans to raise $12 million by offering 2.3 million shares at a price range of $4 to $6. The company had previously filed to offer 2.5 million shares at the same range. At the midpoint, EMulate Therapeutics will raise 8% less in proceeds than previously anticipated.
EMulate Therapeutics has invented and patented a technology that utilizes radio frequency energy precisely targeted at the low and ultra-low ends of the RFE spectrum to regulate signaling and metabolic pathways, delivered via a non-invasive therapeutic system. The human indications initially targeted in its pipeline include cancers such as glioblastoma (GBM) and diffuse midline glioma (DMG), acute and chronic pain, and mental health indications such as PTSD, ADHD, anxiety and depression. It is also targeting indications in animals. The company has completed studies with respect to GBM and DMG/DIPG, and believes it is ready to initiate pivotal Phase 3 trials in each indication.
EMulate Therapeutics was founded in 2002 and plans to list on the Nasdaq under the symbol EMTX. The Benchmark Company and Brookline Capital Markets are the joint bookrunners on the deal.
