Curanex Pharmaceuticals, a preclinical biotech developing botanical-based treatments for various diseases, raised the proposed deal size for its upcoming IPO on Tuesday.
The Jericho, NY-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer 2 million shares at the same range. At the midpoint, Curanex Pharmaceuticals will raise 88% more in proceeds than previously anticipated.
Curanex is developing its lead drug candidate, Phyto-N, which is a proprietary botanical extract with chemical components and pharmacological activities which enhance its anti-inflammatory properties. With an active ingredient derived from traditional Chinese medicine, Curanex plans to submit an IND to begin trials of Phyto-N in 2025. The company also plans to pursue Phyto-N in atopic dermatitis, diabetes, nonalcoholic fatty liver disease (NAFLD), gout, and acne.
Curanex Pharmaceuticals was founded in 2018 and plans to list on the Nasdaq under the symbol CURX. Pacific Century Securities is the sole bookrunner on the deal.
