Acumen Pharmaceuticals, a Phase 1 biotech developing a monoclonal antibody for Alzheimer's disease, 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.
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 plans to list on the Nasdaq under the symbol ABOS. BofA Securities, Credit Suisse, Stifel, and UBS Investment Bank acted as joint bookrunners on the deal.
