Protagenic Therapeutics, an early stage biotech developing therapies for stress-related neuropsychiatric and mood disorders, announced terms for its IPO on Friday.
The New York, NY-based company plans to raise $11 million by offering 2.7 million units at a price range of $4.13 to $4.17, below the last close of its shares on the OTCQB (PTIX). Each unit consists of one share of common stock and one warrant, exercisable at $4.98. At the midpoint of the proposed range, Protagenic Therapeutics would command a fully diluted market value of $82 million. Because the company is offering units with warrants attached, Protagenic Therapeutics no longer qualifies for tracking and will be excluded from Renaissance Capital's stats.
The company specializes in the discovery and development of therapeutics for stress-related neuropsychiatric and mood disorders, utilizing synthetic forms of endogenous brain signaling peptides that can dampen overactive stress responses. Its lead compound, PT00114, is a 41-residue peptide synthetic form of TCAP that can be administered subcutaneously, sublingually, or intra-nasally. The company intends to complete IND-enabling studies of PT00114 and enter first-in-human Phase 1/2 studies in the 3Q21.
Protagenic Therapeutics was founded in 2004 and plans to list on the Nasdaq under the symbol PTIX. Kingswood Capital Markets is the sole bookrunner on the deal.
