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Cancer biotech Actuate Therapeutics sets terms for $50 million IPO

June 11, 2024

Actuate Therapeutics, a Phase 2 biotech developing in-licensed inhibitor therapies for difficult to treat cancers, announced terms for its IPO on Tuesday.

The Fort Worth, TX-based company plans to raise $50 million by offering 5.6 million shares at a price range of $8 to $10. At the midpoint of the proposed range, Actuate Therapeutics would command a fully diluted market value of $207 million.

Actuate Therapeutics is focused on developing therapies for the treatment of high impact, difficult to treat cancers through the inhibition of glycogen synthase kinase-3 (GSK-3). The company has exclusively licensed a portfolio of GSK-3 inhibitors developed in a collaboration between the University of Illinois-Chicago and Northwestern University. Its lead candidate, elraglusib (9-ING-41), is being evaluated in a randomized Phase 2 trial in patients with metastatic pancreatic cancer, with top line results expected in the 1Q25.

Actuate Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol ACTU. Titan Partners is the sole bookrunner on the deal.