NeOnc Technologies Holdings, a Phase 2 biotech developing intranasal and oral therapies for brain cancer, revised the terms for its upcoming IPO on Friday.
The Westlake Village, CA-based company now plans to raise $75 million by offering 6 million shares at a price range of $11.25 to $13.75. The company had previously filed to offer 3.8 million shares at a range of $18.75 to $20.75. At the midpoint of the revised range, NeOnc Technologies Holdings will raise the same amount in proceeds as previously anticipated.
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.
