Nasus Pharma, a Phase 2 biotech developing an intranasal powder for severe allergies and anaphylaxis, filed on Wednesday with the SEC to raise up to $11 million in an initial public offering.
The company plans to raise $11 million by offering 1 million shares at a price range of $10 to $12. At the midpoint of the proposed range, Nasus Pharma would command a fully diluted market value of $99 million.
Nasus Pharma is focused primarily on the development of intranasal drugs to treat emergency medical conditions. Nasus is focused on developing candidate NS002, an intranasal powder Epinephrine nasal spray for the treatment of type 1 severe allergies and anaphylaxis. The company has conducted a twelve-patient pilot study of NS002, though the Phase 2 portion was not powered for statistical significance. It plans to perform two more Phase 2 trials of NS002. Nasus has also been developing NS001, an intranasal Naloxone powder nasal spray for the treatment of opioid overdose, though it has currently paused work on this candidate and plan to pursue partnering opportunities for further development.
The Tel Aviv, Israel-based company was founded in 2019 and plans to list on the NYSE American under the symbol NSRX. Nasus Pharma filed confidentially on August 30, 2024. Laidlaw & Company (UK) and Craft Capital Management are the joint bookrunners on the deal.
