Turn Therapeutics, which is developing drugs and medical products for the wound and dermatology markets, filed on Tuesday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock will be sold by existing shareholders; Turn Therapeutics will not raise new capital in its listing. The company did not disclose a reference price or anticipated timing of its listing. It filed under the name Global Health Solutions but plans to change this prior to listing.
The Registered Stockholders plan to sell up to 8.9 million shares.
The company’s current and planned offerings are built on its "PermaFusion" mixing process, which enables stable suspension of polar, water-soluble active pharmaceutical ingredients in oil-based carriers without the use of emulsifiers. Its initial formulation, Hexagen, has received three FDA clearances for various skin conditions and was previously commercially distributed by McKesson for wound care. In 2020, it was incorporated with a collagen powder for use in wound and burn care and licensed to MiMedx. Turn Therapeutics is now focused on seeking approval for a new formulation of Hexagen for the treatment of eczema and onychomycosis.
The Westlake Village, CA-based company was founded in 2015 and plans to list on the Nasdaq under the symbol TTRX. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Clear Street will serve as a financial advisor.
