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Highlights
- The company announced the pricing of its IPO on January 11
- It is offering 3.75 million shares of its common stock in the IPO
- The offering is expected to provide gross proceeds of US$15 million to the company
The biotechnology company, Hillstream BioPharma, Inc. is all set to make its debut on the US market on January 12. The company announced the pricing of its initial public offering on Tuesday.
Hillstream is a biotechnology firm that engages in the development of novel therapeutic candidates that targets Ferroptosis. Ferroptosis is a new anti-cancer mechanism that results in iron-mediated cell death (IMCD) for drug-resistant and noxious cancers. Its most advanced candidate is HSB-1216. It is based in Bridgewater Township, New Jersey.
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What is in the offering?
The company is offering 3.75 million shares of its common stock to the public. The pricing of the offering would be US$4 per share, which is expected to provide gross proceeds of US$15 million to the company, before subtracting the underwriting discounts, commissions, and other offering expenses.
Meanwhile, the company is also granting a 45-day option for the underwriters to buy up to an additional 562,500 shares of its common stock at the IPO price, less underwriting discounts and commissions, for covering the over-allotments, if any.
The firm is expected to make its debut in the US market through its listing on the Nasdaq Capital Market (NASDAQ) Wednesday, January 12, under the ticker symbol "HILS". It is expected that the offering would be closed on Friday, January 14, depending on satisfactory closing conditions.
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What's next?
The firm would use the net proceeds generated from the initial public offering in advancing its product candidate, HSB-1216 by completing the pre-clinical studies, phase 1 studies, and manufacturing. It would then aid the firm in advancing its product candidate HSB-888 through the pre-clinical studies and IND submission.
Apart from these, it would utilize the net proceeds in the general corporate and working capital activities of the company. The sole book-running manager for the initial public offering is ThinkEquity.
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Bottom line:
The year 2021 witnessed a flurry of IPOs, that reflected surging confidence of businesses in the market. In addition, various healthcare companies have already debuted on the US market this year. Meanwhile, the S&P 500 Health Care sector gained more than 16% over the past 12 months.
