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 $12. The company had previously filed to offer 0.5 million shares at a range of $10 to $14. At the midpoint of the revised range, APRINOIA Therapeutics will raise -8% less in proceeds than previously anticipated and command a fully diluted market value of $331 million.
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. A lack of demand can be attributed to the unknown accuracy of diagnosing neurological diseases through tau buildup. It is also uncertain that the results from the company's AD trial in China will be compelling enough to secure FDA approval for a pivotal US trial.
APRINOIA Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol APRI. Kingswood Capital Markets and WallachBeth Capital are the joint bookrunners on the deal.
