Vitro Biopharma, a Phase 1-ready biotech developing stem cell therapies for various indications, announced terms for its IPO on Thursday. In its latest filing, the company also disclosed financials for the six months ended April 30, 2023.
The Denver, CO-based company plans to raise $10 million by offering 1.8 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Vitro Biopharma would command a fully diluted market value of $37 million.
Because the company is expected to have a post-IPO market cap of less than $50 million, Vitro Biopharma will be excluded from Renaissance Capital's 2023 IPO stats.
Vitro Biopharma is developing novel cellular therapies derived from culture-expanded mesenchymal stem cells (MSCs) for autoimmune diseases and inflammatory disorders using its proprietary platform, AlloRx Stem Cell therapy. The MSCs used are sourced from the Wharton’s jelly of umbilical cords donated by healthy volunteers following childbirth. The company plans to initiate Phase 1/2a trials in pediatric orphan disease Pitt Hopkins syndrome and post-acute sequelae to SARs-CoV-2 ("long COVID") in mid to late 2023.
Vitro Biopharma was founded in 1986 and booked $2 million in revenue for the 12 months ended April 30, 2023. It plans to list on the NYSE American under the symbol VTRO. ThinkEquity is the sole bookrunner on the deal.
