NuvOx Therapeutics, a Phase 2 biotech developing oxygen therapeutics to treat hypoxia, filed on Friday with the SEC to raise up to $20 million in an initial public offering.
The company plans to raise $20 million by offering 2.9 million shares at a price range of $6 to $8. At the midpoint of the proposed range, NuvOx Therapeutics would command a fully diluted market value of $98 million.
NuvOx Therapeutics is a clinical-stage biopharmaceutical company developing NanO2, an intravenously administered oxygen therapeutic based on dodecafluoropentane, for diseases in which tissue hypoxia contributes to morbidity or mortality. The company's lead programs address acute ischemic stroke and glioblastoma, where NanO2 has completed Phase Ib/IIa trials and is currently being evaluated in Phase IIb studies, including an investigator-sponsored trial in the United Kingdom for stroke. Additional programs are in earlier-stage development for acute respiratory distress syndrome and sickle cell anemia, the latter having received orphan drug designation in 2016 (glioblastoma received orphan drug designation in 2015). No products based on NanO2 have received regulatory approval, and no pharmaceutical treatments are currently approved specifically for hypoxia associated with acute ischemic stroke, glioblastoma, or ARDS.
The Tucson, AZ-based company was founded in 2008 and booked $1 million in revenue for the 12 months ended March 31, 2026. It plans to list on the NYSE American under the symbol NUOX. NuvOx Therapeutics filed confidentially on December 23, 2024. ThinkEquity is the sole bookrunner on the deal.
