Curanex Pharmaceuticals Inc. (CURX) has successfully completed its initial public offering, pricing 3.75 million shares at $4 per share to raise $15 million in gross proceeds before deducting underwriting discounts and offering expenses. The company's shares began trading on the Nasdaq on August 26 under the ticker CURX.
IPO Proceeds to Fund Lead Drug Development
The biotechnology company intends to allocate the net proceeds from the offering toward advancing its lead product candidate, Phyto-N, for the treatment of ulcerative colitis. The funding will specifically support FDA-required good laboratory practice (GLP) toxicology and pharmacokinetic studies for Phyto-N in ulcerative colitis applications.
Additionally, Curanex plans to use the capital to prepare and submit an Investigational New Drug (IND) application to the FDA, marking a critical regulatory milestone for the company's development program. The remaining funds will support working capital and other general corporate purposes.
Offering Structure and Timeline
The IPO includes an overallotment option granted to underwriters, allowing them to purchase up to 562,500 additional shares within 45 days from the close of the offering. This greenshoe option could potentially increase the total proceeds if exercised in full.
The offering was expected to close on August 27, following the commencement of trading on the Nasdaq exchange. The successful completion of this IPO provides Curanex with the necessary capital to advance its clinical development programs and regulatory preparations for its ulcerative colitis treatment candidate.
