Jupiter Neurosciences, a Phase 1 biotech developing an oral therapy for neuro-inflammation, revised the terms for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Spartan Capital Securities with Revere Securities, and disclosed updated financials. Prior to today's filing, Jupiter Neurosciences had not updated its prospectus since January 2023.
The Jupiter, FL-based company now plans to raise $12 million by offering 2.8 million shares at a price range of $4 to $5. The company had previously filed to offer 2.6 million shares at $5.75. At the midpoint of the range, Jupiter Neurosciences will raise 17% less in proceeds than previously anticipated.
Jupiter is developing a unique resveratrol platform product primarily targeting treatment of neuro-inflammation. The company believes its sole candidate, JOTROL, is being developed for various neuro and rare disease indications. JOTROL completed a Phase 1 safety and tolerability trial in March 2021, and Jupiter expects to commence Phase 2 trials subsequent to the IPO.
Jupiter Neurosciences was founded in 2016 and plans to list on the Nasdaq under the symbol JUNS. Revere Securities is the sole bookrunner on the deal.
