CinCor Pharma IPO today: pricing, total shares - all you need to know

2 min read | January 08, 2022 05:40 AM AEDT | By Rupam Roy

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CinCor Pharma IPO today: pricing, total shares - all you need to know — Image source: Mavas_Bd,Shutterstock

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Highlights

CinCor Pharma announced the pricing of its IPO on January 6.

It is offering 12.1 million shares of its common stock in the IPO.

The IPO is priced at US$16 per share.

Biopharmaceutical company CinCor Pharma, Inc. is all set to debut in the US market on Friday. The company announced the pricing of its initial public offering on Thursday, January 6.

IPO pricing, shares offered

The Boston, Massachusetts-based company on Thursday announced to offer 12.1 million shares of its common stock in the IPO. The IPO is priced at US$16.00 per share.

The gross proceeds from the IPO are expected to be US$193.6 million at the price of US$16 per share before subtracting the underwriting discounts, commissions, and offering expenses.

In addition, it will offer a 30-day option for the underwriters to purchase an additional 1.815 million shares at the offering price, minus the underwriting discounts and commissions.

CirCor will offer all the company.

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It was expected to start trading on Nasdaq Friday, January 7, under the ticker symbol CINC. The offering is expected to close on January 11.

The joint book-running managers of the IPO are Morgan Stanley, Evercore ISI, and Jefferies, while Oppenheimer & Co. would act as the lead manager for the offering.

Retail investors can buy the shares after they start trading on the exchange.

CinCor Pharma’s lead clinical candidate is CIN-107, used for treating hypertension and other cardio-renal diseases.

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CinCor Pharma financial highlights

For the nine months ended Sept 30, 2021, the company's total operating expenses were US$17.27 million, compared to US$15.61 million in the same period a year ago.

The net loss was US$21.02 million versus a loss of US$16.48 million in the same period of the previous year. The cash and cash equivalents were US$141.70 as of Sept 30, 2021.

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Bottomline

The pandemic-led demand for healthcare products and services has been a boon for the sector. The industry saw robust growth last year, prompting some of the companies to go public. Analysts forecast a continued growth momentum for the industry in 2022.

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