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CNS disorder biotech Alto Neuroscience prices upsized IPO at $16, the high end of the range

February 2, 2024

Alto Neuroscience, a Phase 2 biotech developing biomarker-focused therapies for depression and schizophrenia, raised $129 million by offering 8 million shares at $16, the high end of the range of $14 to $16. The company offered 1.3 million more shares than anticipated.

Alto Neuroscience is focused on leveraging neurobiology to develop personalized and highly effective treatment options. Through its proprietary Precision Psychiatry Platform, it aims to discover brain-based biomarkers to better identify which patients are more likely to respond to its novel product candidates. The company's current pipeline consists of five clinical-stage assets initially targeting major depressive disorder (MDD) and schizophrenia populations characterized by independent brain-based biomarkers. Its most advanced programs are being evaluated in ongoing Phase 2b trials in MDD patients characterized by cognitive or electroencephalography biomarkers. Topline data from these trials is expected between the 2H24 and the 1H25.

Alto Neuroscience plans to list on the NYSE under the symbol ANRO. Jefferies, TD Cowen, Stifel, and William Blair acted as joint bookrunners on the deal.