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ADHD drug developer Cingulate files for a $58 million IPO

September 9, 2021

Cingulate, a Phase 3-ready biotech developing formulations of stimulant drugs for ADHD, filed on Thursday with the SEC to raise up to $58 million.

Cingulate is using its proprietary Precision Timed Release (PTR) drug delivery platform technology to build and advance a pipeline of next-generation pharmaceuticals designed for patients suffering from frequently diagnosed conditions characterized by burdensome daily dosing regimens and suboptimal treatment outcomes. The company is initially focusing its efforts on the treatment of Attention Deficit/Hyperactivity Disorder (ADHD), and initially targeting the ADHD stimulant-based treatment market. Cingulate's two candidates, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), are being developed for the treatment of ADHD. The company announced positive results from a Phase 1/2 study of CTx-1301 in ADHD patients in October 2020, and it plans to initiate Phase 3 trials in the 4Q21 with results expected in late 2022.

The Kansas City, KS-based company was founded in 2013 and plans to list on the Nasdaq under the symbol CING. Oppenheimer & Co., Ladenburg Thalmann, and Brookline Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.