NeuroSense Raises $12 Million in IPO to Advance Development of Lead ALS Therapeutic
December 9, 2021
Israeli biotech NeuroSense Therapeutics, a company focused on discovering and developing treatments for patients suffering from debilitating neurodegenerative diseases, raised $12 million in an initial public offering.
NeuroSense is the 98th therapeutics developer to complete an IPO in the United States in 2021, as the appetite for these offerings has diminished greatly in the fourth quarter of the year. Still collectively, these companies have raised $14.3 billion through IPOs in 2021. The 22 rare disease drug developers that completed IPOs so far this year have collectively raised $4 billion to advance their programs.
Neurosense sold 2,000,000 units, each consisting of one ordinary share and a warrant representing the right to purchase one ordinary share with an exercise price of $6.00 per share, at an initial public offering price of $6.00 per unit, for gross proceeds of $12 million. In addition, NeuroSense has granted the underwriter a 45-day option to purchase up to 300,000 additional ordinary shares and/or 300,000 additional warrants at the initial public offering price, less underwriting discounts and commissions.
The company’s ordinary shares and warrants will list on the Nasdaq Capital Market under the ticker symbols “NRSN” and “NRSNW,” respectively.
NeuroSense’s strategy is to develop combined therapies targeting multiple pathways associated with complex neurodegenerative diseases such as amyotrophic lateral sclerosis (ALS), Alzheimer’s disease, and Parkinson’s disease.
The company intends to use the net proceeds from the IPO to advance the clinical development of its lead product candidate, PrimeC, for the treatment of ALS, a rare, progressive, and fatal condition that affects motor neurons in the brain and spinal cord and results in severe disability, paralysis and eventually death, through the completion of a planned phase 2b trial and the preparation for the initiation of a phase 3 clinical trial, for preclinical research and development in support of potential investigational new drug applications for its product candidates targeting Alzheimer’s and Parkinson’s, and for working capital and general corporate purposes.
Author: Rare Daily Staff
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