Acumen Pharmaceuticals, a Phase 1 biotech developing a monoclonal antibody for Alzheimer's disease, announced terms for its IPO on Thursday.
The Charlottesville, VA-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, Acumen Pharmaceuticals would command a fully diluted market value of $607 million.
Acumen Pharmaceuticals believes it is developing a novel approach to Alzheimer's disease (AD) by targeting soluble amyloid-beta oligomers, which are globular assemblies of amyloid-beta that the company believes are a key underlying cause of the disease. The company's lead candidate, ACU193, is a humanized monoclonal antibody that selectively targets amyloid-beta oligomers. ACU193 entered a Phase 1 trial in patients with mild dementia or cognitive impairment due to AD in the 2Q21, with data expected by year end 2022.
Acumen Pharmaceuticals was founded in 1996 and booked $1 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol ABOS. BofA Securities, Credit Suisse, Stifel, and UBS Investment Bank are the joint bookrunners on the deal.
