Under-the-tongue Parkinson's therapy: Cynapsus Therapeutics sets terms for $64 million US IPO

Cynapsus Therapeutics, which is developing a sublingual formulation of an approved therapy for Parkinson's disease, announced terms for its IPO on Tuesday.

Cynapsus is currently listed on the Toronto Stock Exchange under the symbol CTH with a basic market cap of about $100 million.

The Toronto, Canada-based company plans to offer 4.5 million shares, which would generate $64 million in proceeds at its current price of $14.18. At that price, Cynapsus Therapeutics would command a fully diluted market value of $178 million.

Biotie Therapies (BITI), a Parkinson's disease biotech that trades on the Finnish Stock Exchange, plans to raise $56 million in a US public offering later this week.

Cynapsus Therapeutics, which was founded in 2004, plans to list on the NASDAQ under the symbol CYNA. BofA Merrill Lynch is the sole bookrunner on the deal. It is expected to price during the week of June 15, 2015.