Chromocell Therapeutics, a Phase 1 biotech developing a non-addictive pain blocker using a sodium ion channel, announced terms for its IPO on Monday. In its latest filing, the company also replaced sole bookrunner Maxim Group with Titan Partners.
The Freehold, NJ-based company plans to raise $9 million by offering 1.7 million shares at a price range of $4.50 to $5.50. Concurrently, existing shareholders are registering 2.7 million shares via a separate resale prospectus. At the midpoint of the proposed range, Chromocell Therapeutics would command a fully diluted market value of $35 million.
Because the company is expected to have a market cap of less than $50 million at pricing, Chromocell Therapeutics will be excluded from Renaissance Capital's 2023 IPO stats.
Chromocell is focused on developing and commercializing new therapeutics to alleviate pain by selectively target the sodium ion-channel known as NaV1.7. The company is initially focused on Erythromelalgia (EM), a rare condition that primarily affects the extremities. Its lead candidate, CC8464, has been evaluated in a Phase 1 trial in EM. The company has developed a dose escalation study design and expects to launch patient procurement in late 2023, with expected first patient dosing in early 2024.
Chromocell Therapeutics was founded in 2021 and plans to list on the NYSE American under the symbol CHRO. Titan Partners is the sole bookrunner on the deal.
