Starton Holdings, a Phase 2 developer of controlled release formulations for an approved cancer drug, filed on Thursday with the SEC to raise up to $40 million in an initial public offering.
The Paramus, NJ-based company plans to raise $40 million by offering 6.7 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Starton Holdings would command a fully diluted market cap of $262 million.
Starton is a Phase 2 biotech applying continuous delivery technology to existing FDA-approved active ingredients in cancer treatments under the FDA's 505(b)(2) regulatory pathway. The company is focusing on hematologic malignancies, with its lead program, STAR-LLD, targeting multiple myeloma and chronic lymphocytic leukemia. STAR-LLD aims to develop both subcutaneous and oral controlled release formulations of lenalidomide, a generic form of Revlimid, to improve therapeutic outcomes. The company is also exploring the potential of combining STAR-LLD with CAR-T therapies and expanding into other cancer types, including B-cell lymphomas and solid tumors.
The Paramus, NJ-based company was founded in 2017 and plans to list on the Nasdaq under the symbol STA. Revere Securities is the sole bookrunner on the deal.
