Hillstream BioPharma, a preclinical biotech developing therapies for solid tumors by targeting ferroptosis, filed on Monday with the SEC to raise up to $17 million in an initial public offering.
The Bridgewater, NJ-based company plans to raise $17 million by offering 3 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Hillstream BioPharma would command a fully diluted market value of $58 million.
Hillstream is focused on developing novel therapies targeting ferroptosis, an emerging new anti-cancer mechanism resulting in iron mediated cell death (IMCD) for treatment resistant cancers. Its most advanced candidate is HSB-1216, an IMCD inducer, targeting a variety of solid tumors. The company's goal is to submit an IND application and start a clinical study with HSB-1216 in 2022.
Hillstream BioPharma was founded in 2017 and plans to list on the Nasdaq under the symbol HILS. ThinkEquity is the sole bookrunner on the deal.
