Anebulo Pharmaceuticals, a Phase 2 biotech developing treatments for cannabinoid overdose and substance addiction, announced terms for its IPO on Monday.
The Lakeway, TX-based company plans to raise $21 million by offering 3 million shares at a price range of $6 to $8. Insider 22NW intends to purchase $5 million worth of shares in the offering, and Vernalis Development intends to purchase $1.4 million worth of shares using converted milestone fees. At the midpoint of the proposed range, Anebulo Pharmaceuticals would command a market value of $163 million.
Anebulo is a biotechnology company developing novel solutions for people suffering from cannabinoid overdose and substance addiction. Its lead product candidate, ANEB-001, is intended to reverse the negative effects of cannabinoid overdose within 1 hour of administration. There is no approved medical treatment currently available to specifically alleviate the symptoms of cannabinoid overdose and no competing products further along in the development process than ANEB-001 in reversing the effects of THC. The company plans to initiate a Phase 2 proof-of-concept trial for cannabinoid overdose in the Netherlands in the 4Q21.
Anebulo Pharmaceuticals was founded in 2020 and plans to list on the Nasdaq under the symbol ANEB. The Benchmark Company is the sole bookrunner on the deal. It is expected to price during the week of May 3, 2021.
