Chromocell Therapeutics, a Phase 1 biotech developing a non-addictive pain blocker using a sodium ion channel, raised $7 million by offering 1.1 million shares at $6, within the range of $5.50 to $6.50.
Because the company has a market cap of less than $50 million at pricing, Chromocell Therapeutics will be excluded from Renaissance Capital's 2024 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 early 2024, with expected first patient dosing in the 3Q24.
Chromocell Therapeutics plans to list on the NYSE American under the symbol CHRO. A.G.P. acted as sole bookrunner on the deal.
