ADHD drug developer Cingulate further lowers deal size by 38% ahead of $25 million IPO - (Renaissance Capital via NewsPoints Desk)

  • Cingulate, which is developing formulations of stimulant drugs for attention-deficit/hyperactivity disorder (ADHD), lowered the proposed deal size for its upcoming IPO on Wednesday, reported Renaissance Capital.

  • The company now plans to raise $25 million by offering 3.6 million shares at a price range of $6 to $8, having most recently filed to offer 4.4 million shares at a range of $8 to $10.

  • It originally planned to offer 4.5 million shares at a range of $10 to $12, before lowering the deal size in October. A

  • Cingulate is using its proprietary Precision Timed Release (PTR) drug delivery platform technology to build and advance a pipeline of next-generation drugs for patients suffering from frequently diagnosed conditions characterized by burdensome daily dosing regimens and suboptimal treatment outcomes.

  • The company is initially focusing its efforts on the treatment of ADHD, and initially targeting the ADHD stimulant-based treatment market. Its two candidates, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), are being developed for the condition. T

  • he company announced positive results from a Phase I/II study of CTx-1301 in ADHD patients in October 2020, and it plans to initiate Phase III trials in early 2022 with results expected in early 2023.

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