NeOnc Technologies Holdings, a Phase 2 biotech developing intranasal and oral therapies for brain cancer, filed on Monday with the SEC to raise up to $50 million in an initial public offering.
NeOnc's most advanced candidate, NEO100, is a purified form of perillyl acid which is administered to brain cancer patients via intranasal delivery. The company is currently conducting a Phase 2a trial of NEO100 in recurrent malignant glioma patients, as well as a similar Phase 2a trial in patients with malignant skull-based meningioma. It expects a readout for its Phase 2 studies of NEO100 by the end of 2024. Its second candidate, NEO212, is a covalently conjugated molecule combining the chemotherapeutic drug temozolomide with perillyl alcohol. NEO212 has completed preclinical testing and received IND approval, and the company expects to initiate a Phase 1/2 trial in late 2023.
The Los Angeles, CA-based company was founded in 2008 and plans to list on the Nasdaq under the symbol NTHI. Loop Capital Markets is the sole bookrunner on the deal. No pricing terms were disclosed.
