GH Research, a Phase 2 biotech developing DMT-based therapies for depression, raised $160 million by offering 10 million shares at $16, the high end of the range of $14 to $16. The company offered 1.7 million more shares than anticipated.
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 plans to list on the Nasdaq under the symbol GHRS. Cowen, and Stifel acted as joint bookrunners on the deal.
