Cingulate on Tuesday lowered the proposed deal size for its upcoming initial public offering, Renaissance Capital reported.
The company now plans to raise $40 million by offering 4.4 million shares at a price range of $8 to $10.
It had previously filed to offer 4.5 million shares at a range of $10 to $12. At the midpoint of the revised range, Cingulate will raise 20% less than previously anticipated.
Cingulate’s two candidates, CTx-1301 and CTx-1302, are being developed for the treatment of ADHD.
In October, Cingulate announced positive results from a Phase I/II study of CTx-1301 in ADHD patients. It plans to initiate Phase III trials in the fourth quarter of 2021 with results expected in late 2022.
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