NeOnc Technologies Holdings, a Phase 2 biotech developing intranasal and oral therapies for brain cancer, announced terms for its IPO on Monday.
The Westlake Village, CA-based company plans to raise $75 million by offering 3.8 million shares at a price range of $18.75 to $20.75. At the midpoint of the proposed range, NeOnc Technologies Holdings would command a fully diluted market value of $466 million.
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 in the 4Q23, it entered a Phase 1/2 trial as an oral therapy in patients with primary and secondary brain tumors.
NeOnc Technologies Holdings 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.
