Alzamend Neuro, a preclinical biotech developing therapies for Alzheimer's disease, raised $12.5 million by offering 2.5 million shares at $5, as expected.
The company noted in its prospectus that an affiliate of founder and Executive Chairman Todd Ault may buy up to $10 million of the IPO.
Lead candidate AL001 is an ionic cocrystal of lithium for the treatment of Alzheimer’s and other neurodegenerative diseases and psychiatric disorders such as bipolar disorder, depression, and post-traumatic stress disorder (PTSD). Licensed from the University of South Florida, Alzamend expects to submit an IND for AL001 by the end of the 2Q21, and plans to pursue review under the 505(b)(2) pathway.
The Tampa, FL-based company plans to list on the Nasdaq under the symbol ALZN. Spartan Securities acted as sole bookrunner on the deal.
