Clinical-stage biopharmaceutical company CinCor Pharma, Inc. is setting its sights on trading at the Nasdaq Global Market. The firm announced on Monday the launch of its initial public offering of 11.0 million common shares.
The biotech firm is targeting the share price between US$15.00 and US$17.00 per share, which puts target proceeds from the offering at US$187 million on the high end of the range.
The shares are expected to trade on the Nasdaq big board under the symbol “CINC”. The underwriters also have a 30-day over-allotment option to purchase additional 1.65 million shares.
The pharmaceutical firm is focused on its lead drug candidate CIN-107, an oral aldosterone synthase inhibitor which makes it a potential treatment for hypertension and other cardio-renal diseases. The drug is currently in two phase 2 clinical trials, one for treatment-resistant hypertension and one for primary aldosteronism.
The company is led by CEO Marc de Garidel, a former CEO and the current board chairman of Euronext Paris-listed pharmaceutical firm Ipsen.
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