Lantern Pharma, a Phase 2 oncology biotech using AI to redevelop abandoned drugs for targeted groups, announced terms for its IPO on Tuesday.
The Dallas, TX-based company plans to raise $25 million by offering 1.6 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Lantern Pharma would command a fully diluted market value of $108 million.
The company's AI platform, RADR, allows Lantern Pharma to identify potential therapies which were deemed ineffective in previous studies but may show promise in alternative indications. Lantern Pharma's most advanced candidate is LP-100, a potential treatment for prostate cancer that is in a Phase 2 trial with out-licensing partner Oncology Venture.
Lantern Pharma was founded in 2013 and plans to list on the Nasdaq under the symbol LTRN. ThinkEquity and Dougherty & Company are the joint bookrunners on the deal.
