Pheton Holdings, a Chinese provider of treatment planning systems for cancer radiotherapy, filed on Wednesday with the SEC to raise up to $11 million in an initial public offering.
The Beijing, China-based company plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Pheton Holdings would command a market value of $65 million.
Through its Chinese operating entity, it sells brachytherapy treatment planning systems (TPS) designed to kill cancer cells and shrink tumors. FTTPS, its lead product, includes TPS made to treat a wide variety of malignant tumors, and is modifiable to enable features such as 3D printing. The company says that during an operation, FTTPS can determine the target volume, prescription dose, and dose limitation to protect OARs and produce a safe, effective, and accurate dose distribution plan for brachytherapy for cancer patients.
The Beijing, China-based company was founded in 1998 and booked $1 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol PTHL. Pacific Century Securities is the sole bookrunner on the deal.
