Inhibikase Therapeutics, a clinical stage biotech developing kinase inhibitors for Parkinson's and related disorders, lowered the proposed deal size for its upcoming IPO on Tuesday.
The Atlanta, GA-based company now plans to raise $15 million by offering 1.4 million shares at a price range of $10 to $12. The company had previously filed to offer 2.3 million shares at the same range. At the revised deal size, Inhibikase Therapeutics will raise -40% less in proceeds than previously anticipated.
The company's pipeline contains lead candidate IkT-148009, a c-Abl protein kinase inhibitor being developed for Parkinson’s disease (PD) and related disorders that arise inside and outside of the brain. The company has filed two INDs for IkT-148009, one for PD and one for the treatment of PD-related gastrointestinal complications, and it expects to commence the first dosing of PD patients shortly after the conclusion of the offering.
Inhibikase Therapeutics was founded in 2008 and booked $1 million in grant revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol IKT. ThinkEquity is the sole bookrunner on the deal.
