Cingulate, a Phase 3-ready biotech developing formulations of stimulant drugs for ADHD, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed financials for the 9mo21 and replaced underwriters Oppenheimer & Co., Ladenburg Thalmann, and Brookline Capital Markets with Aegis Capital Corp. and Laidlaw & Company.
The Kansas City, KS-based company now plans to raise $25 million by offering 3.6 million shares at a price range of $6 to $8. The company had most recently filed to offer 4.4 million shares at a range of $8 to $10. It originally planned to offer 4.5 million shares at a range of $10 to $12, before lowering the deal size in October. At the midpoint of the revised range, Cingulate will raise -38% less in proceeds than previously anticipated.
Cingulate is using its proprietary Precision Timed Release (PTR) drug delivery platform technology to build and advance a pipeline of next-generation pharmaceuticals designed for patients suffering from frequently diagnosed conditions characterized by burdensome daily dosing regimens and suboptimal treatment outcomes. The company is initially focusing its efforts on the treatment of Attention Deficit/Hyperactivity Disorder (ADHD), and initially targeting the ADHD stimulant-based treatment market. Cingulate's two candidates, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in ADHD patients in October 2020, and it plans to initiate Phase 3 trials in early 2022 with results expected in early 2023.
Cingulate was founded in 2013 and plans to list on the Nasdaq under the symbol CING. Aegis Capital Corp. and Laidlaw & Company (UK) are the joint bookrunners on the deal.
