Alzheon, a Phase 3 biotech developing small molecule therapies for Alzheimer's disease, withdrew its plans for an initial public offering on Wednesday. It had filed to raise $30 million by offering 6 million shares at a price range of $4 to $6.
The company first attempted to go public in April 2018 to raise $70 million but postponed and ultimately withdrew the offering. Subsequently, they filed in August 2018 to raise up to $40 million before lowering the terms to $30 million.
The Framingham, MA-based company was founded in 2013 and had planned to list on the Nasdaq under the symbol ALZH. ThinkEquity and H.C. Wainwright were set to be the joint bookrunners on the deal.
