GH Research, a Phase 2 biotech developing DMT-based therapies for depression, announced terms for its IPO on Monday.
The Dublin, Ireland-based company plans to raise $125 million by offering 8.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, GH Research would command a fully diluted market value of $733 million.
The company is developing its proprietary 5-MeO-DMT compound in a Phase 2 trial in the Netherlands for patients with Treatment-Resistant Depression. The company believes that its inhalable drug candidate has the potential to induce ultra-rapid remissions in certain patients, driven by the ultra-rapid onset of psychoactive effects and an intense and short-lived initial psychoactive experience.
GH Research was founded in 2018 and plans to list on the Nasdaq under the symbol GHRS. Cowen, and Stifel are the joint bookrunners on the deal. It is expected to price during the week of June 21, 2021.
