Jupiter Neurosciences, a Phase 1 biotech developing an oral therapy for neuro-inflammation, revised the terms for its upcoming IPO on Friday.
The Jupiter, FL-based company now plans to raise $15 million by offering 2.6 million shares at $5.75. The company had most recently filed to offer 2.5 million shares at a range of $5 to $7. At the revised terms, Jupiter Neurosciences will raise the same amount in proceeds as previously anticipated.
Jupiter is developing a unique resveratrol platform product primarily targeting treatment of neuro-inflammation. The company believes its sole candidate, JOTROL, is being developed for various neuro and rare disease indications. JOTROL completed a Phase 1 safety and tolerability trial in March 2021, and Jupiter expects to commence Phase 2 trials starting in the 1Q23.
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.
