Cognition Therapeutics, a Phase 2 biotech developing small molecule therapies for Alzheimer's and other CNS diseases, announced terms for its IPO on Monday.
The Purchase, NY-based company plans to raise $40 million by offering 3.4 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Cognition Therapeutics would command a fully diluted market value of $299 million.
Cognition Therapeutics is developing small molecule therapies for age-related degenerative diseases and disorders of the CNS and the retina, with an initial aim to leverage its expertise in the sigma-2 receptor. Its lead program, CT1812, is a small molecule antagonist designed to penetrate the blood-brain barrier and bind selectively to the S2R complex. CT1812 is currently in enrolling patients in a Phase 2 trial in patients with mild-to-moderate Alzheimer's disease.
Cognition Therapeutics was founded in 2007 and plans to list on the Nasdaq under the symbol CGTX. B. Riley Securities, and Oppenheimer & Co. are the joint bookrunners on the deal. It is expected to price during the week of October 4, 2021.
