Actuate Therapeutics, a Phase 2 biotech developing an inhibitor therapy for difficult to treat cancers, lowered the proposed deal size for its upcoming IPO on Friday.
The Fort Worth, TX-based company now plans to raise $25 million by offering 2.8 million shares at a price range of $8 to $10. The company had previously filed to offer 5.6 million shares at the same range. At the midpoint, Actuate Therapeutics will raise 50% less in proceeds than previously anticipated.
Actuate Therapeutics is focused on developing therapies for the treatment of high impact, difficult to treat cancers through the inhibition of glycogen synthase kinase-3 (GSK-3). The company has exclusively licensed a portfolio of GSK-3 inhibitors developed in a collaboration between the University of Illinois-Chicago and Northwestern University. Its lead candidate, elraglusib (9-ING-41), is being evaluated in a randomized Phase 2 trial in patients with metastatic pancreatic cancer, with top line results expected in the 1Q25.
Actuate Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol ACTU. Titan Partners is the sole bookrunner on the deal.
