- CinCor Pharma plans to offer 11 million shares of its common stock in the IPO.
- The expected price range of the offering is US$15 to US$17 per share.
- It will offer an additional 1.65 million shares of its common stock to the underwriters.
Biopharmaceutical firm company CinCor Pharma, Inc. has filed for an initial public offering (IPO) with US Securities and Exchange Commission (SEC).
The Boston, Massachusetts-based firm filed the registration statement on Form S-1 on Monday.
It is developing a drug for cardiorenal diseases like hypertension. Its lead clinical candidate, CIN-17, is a highly selective oral small molecule inhibitor of aldosterone synthase, it said.
What is in the offering?
According to the company's registration statement filed with the SEC, it plans to offer 11 million shares of its common stock to investors. The IPO price is expected to be between US$15 and US$17 per share. At this price range, the company is expected to raise US$187 million.
CinCor Pharma will offer all the shares of the common stock in the IPO. It will also provide an additional 30-day option for underwriters to purchase an additional 1.65 million shares of its common stock at the offering price, minus underwriting discounts and commissions.
The company plans to get listed on NASDAQ under the ticker symbol CINC.
The joint book-running managers for the IPO are Morgan Stanley, Jefferies, and Evercore ISI. Oppenheimer & Co. would act as the lead manager.
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Financial Highlights of CinCor Pharma, Inc.
The company's total operating expenses were US$17.27 million for the nine months ended Sept 30, 2021, compared to US$15.61 million in the same period a year ago. Its net loss was US$21.02 million against a loss of US$16.48 million for the first nine months of 2020.
As of Sept 30, 2021, the company had cash and cash equivalents of US$141.70 million.
Healthcare companies are seeing massive opportunities in the market, spurred by a pandemic-fuelled demand. Scores of healthcare companies went public over the past year.
CinCor Pharma may value up to US$602.1 million after the IPO.