APRINOIA Therapeutics, a Phase 3 biotech developing diagnostics and therapies for neurodegenerative diseases, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Cambridge, MA-based company now plans to raise $6 million by offering 0.5 million shares at a price range of $10 to $14. The company had previously filed to offer 2 million shares at the same range. At the revised deal size, APRINOIA Therapeutics will raise 75% less in proceeds than previously anticipated and command a fully diluted market value of $358 million (-4% vs. original terms).
APRINOIA Therapeutics is developing 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 December 31, 2023. It plans to list on the Nasdaq under the symbol APRI. Kingswood Capital Markets and WallachBeth Capital are the joint bookrunners on the deal.
