APRINOIA Therapeutics, a Phase 3 biotech developing diagnostics and therapies for neurodegenerative diseases, announced terms for its IPO on Monday.
The Cambridge, MA-based company plans to raise $24 million by offering 2 million shares at a price range of $10 to $14. At the midpoint of the proposed range, APRINOIA Therapeutics would command a fully diluted market value of $373 million.
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.
APRINOIA Therapeutics 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. Tiger Brokers is the sole bookrunner on the deal.
