Hillstream BioPharma, a preclinical biotech developing therapies for solid tumors by targeting ferroptosis, raised $15 million by offering 3.8 million shares at $4, below the range of $5 to $6. The company offered 0.8 million more shares than anticipated. At pricing, Hillstream BioPharma commands a market value of $44 million. Because the company's market value at IPO is less than $50 million, Hillstream BioPharma will be excluded from Renaissance Capital's stats.
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 plans to list on the Nasdaq under the symbol HILS. ThinkEquity acted as sole bookrunner on the deal.
