Anebulo Pharmaceuticals, a Phase 2 biotech developing treatments for cannabinoid overdose and substance addiction, raised $21 million by offering 3 million shares at $7, within the range of $6 to $8. Insider 22NW had indicated on $5 million worth of shares in the offering, and Vernalis Development intended to purchase $1.4 million worth of shares using converted milestone fees. At pricing, the company commands 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 plans to list on the Nasdaq under the symbol ANEB. The Benchmark Company acted as a lead manager on the deal.
