Nasus Pharma, a Phase 2 biotech developing an intranasal powder for severe allergies and anaphylaxis, revised the terms for its upcoming IPO on Monday.
The Tel Aviv, Israel-based company now plans to raise $11 million by offering 1.25 million shares at a price range of $8 to $10. The company had previously filed to raise roughly the same amount by offering 1.0 million shares at a range of $10 to $12.
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.
Nasus Pharma was founded in 2019 and plans to list on the NYSE American under the symbol NSRX. Laidlaw & Company (UK) and Craft Capital Management are the joint bookrunners on the deal.
