Jupiter Neurosciences, a Phase 1 biotech developing an oral therapy for neuro-inflammation, revised the terms for its upcoming IPO on Tuesday. In its latest filing, the company also replaced joint bookrunners Roth Capital and Dawson James with Spartan Securities as the sole bookrunner.
The Jupiter, FL-based company now plans to raise $15 million by offering 2.5 million shares at a price range of $5 to $7. The company had most recently filed to offer 2.2 million units at a range of $6 to $8, with each unit containing one share of common stock and one warrant, exercisable at the IPO price. At the midpoint of the revised range, Jupiter Neurosciences will raise -3% less in proceeds than previously anticipated.
Jupiter is developing a unique resveratrol platform product primarily targeting treatment of neuro-inflammation. The company believes its sole candidate, JOTROL, has many potential indications of use for rare diseases, though it is primarily targeting Mild Cognitive Impairment/early Alzheimer’s disease with an early development program in TBI/concussions. JOTROL completed a Phase 1 safety and tolerability trial in March 2021, and Jupiter expects to commence Phase 2 trials in the 4Q22.
Jupiter Neurosciences was founded in 2016 and plans to list on the Nasdaq under the symbol JUNS. Spartan Capital Securities is the sole bookrunner on the deal.
