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Aprinoia Therapeutics (APRI), which terminated a merger deal with Ross Acquisition Corp. II (ROSS) last August, has set terms for a proposed $24M US initial public offering.
The biotech company said in an SEC filing that it is looking to offer 2M ordinary shares priced $10 to $14 per share, which would raise $24M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 300K additional shares to cover over-allotments.
Aprinoia hopes to list its shares on Nasdaq under the symbol APRL. US Tiger Securities is serving as lead bookrunner. Aprinoia first filed for the IPO in January.
Based in Cambridge, Mass., Aprinoia is developing diagnostics and therapies for neurodegenerative diseases such as Alzheimer’s. The company’s lead product, APN-1607, is in Phase 3 testing as a PET diagnostic tracer for progressive supranuclear palsy, or PSP, and Alzheimer’s. The company also has a therapy candidate in Phase 1 development for the conditions.
Last year, Aprinoia agreed to be acquired by Ross Acquisition II, which is backed by Wilbur Ross and Larry Kudlow. The deal was called off in August.