Vallon Pharmaceuticals, which is developing abuse-deterrent prescription drugs for CNS disorders, raised $18 million by offering 2.25 million shares at $8, the low end of the range of $8 to $10. The company sold 580,000 more shares on the offering that originally anticipated. At the $8 offer price, Vallon commands a market value of $55 million.
Noting the abuse of CNS drugs like Adderall and Ritalin in the US, Vallon is developing abuse-deterrent drug formulations, including an oral, semi-solid, liquid-filled hard gelatin capsule of dextroamphetamine sulfate.
Vallon Pharmaceuticals plans to list on the Nasdaq under the symbol VLON. ThinkEquity acted as lead manager on the deal.
