APRINOIA Therapeutics, a Phase 3 biotech developing diagnostics and therapies for neurodegenerative diseases, filed on Friday with the SEC to raise up to $50 million in an initial public offering.
APRINOIA Therapeutics is developing novel, highly sensitive and selective diagnostic tools and novel therapeutics for a broad range of neurodegenerative diseases. Its most advanced candidate is APN-1607, a 3 carboxy-terminal/4 carboxy-terminal domains tau positron emission tomography (PET) tracer for the diagnosis of Progressive Supranuclear Palsy (PSP) and related disorders, as well as Alzheimer's disease (AD). In collaboration with Yantai Yitai Pharmaceutical Technology, APRINOIA launched a Phase 3 trial of APN-1607 in AD in mainland China, which met its target enrollment in December 2023. Contingent on the results of this trial, Yitai plans to submit an NDA to China's National Medical Products Administration for the marketing approval of APN-1607 for the diagnosis of AD in mainland China. Additionally, in December 2023, APRINOIA received notice from the FDA allowing for a Phase 3 trial of APN-1607 as a diagnostic marker for PSP.
The Cambridge, MA-based company was founded in 2015 and booked $9 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol APRI. APRINOIA Therapeutics filed confidentially on November 13, 2023. Tiger Brokers is the sole bookrunner on the deal. No pricing terms were disclosed.
