Regencell Bioscience Holdings, which is developing formulations of traditional Chinese medicine for ADHD and ASD, announced terms for its IPO on Friday.
The Hong Kong, China-based company plans to raise $22 million by offering 2.3 million shares at a price range of $8.50 to $10.50. At the midpoint of the proposed range, Regencell Bioscience Holdings would command a fully diluted market value of $120 million.
Regencell is focused on the research, development, and commercialization of traditional Chinese medicine (TCM) for the treatment of neurocognitive disorders and degeneration, specifically Attention Deficit Hyperactivity Disorder (ADHD) and Autism Spectrum Disorder (ASD). The company has three standardized TCM formulae candidates under development targeting mild, moderate, and severe ADHD and ASD conditions. It plans to commence its second research study for these candidates in the 3Q21.
Regencell Bioscience Holdings was founded in 2014 and plans to list on the Nasdaq under the symbol RGC. Maxim Group LLC is the sole bookrunner on the deal. It is expected to price during the week of .
