Turn Therapeutics, which is developing drugs and medical products for the wound and dermatology markets, announced last week that it had received approval to list its shares on the Nasdaq and expects trading to commence today, 10/8.
The company registered about 18 million shares for sale by existing stockholders. Turn Therapeutics will not raise new capital in the listing.
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.
Turn Therapeutics 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 served as a financial advisor.
