If underwriters jump at the opportunity to buy a further 1.77 million shares then the haul would rise to $209 million.
CG Oncology is hoping to raise $209 million from its upcoming IPO, blazing a trail to the public markets that seems to be enticing more biotechs in the first month of the year.
Bladder cancer-focused CG kicked off 2024 by outlining plans to go public, although the company didn’t offer any figures at the time. Now, the biotech has said it is looking to sell 11.8 million shares at a price of between $16 and $18 apiece.
Assuming that the final share price falls in the middle of this range, CG said it expects to rake in $181.1 million from the IPO. However, if underwriters jump at the opportunity to snap up a further 1.77 million shares then the haul would rise to $209 million, the biotech explained in a Jan. 18 SEC filing.
Despite an icy IPO market last year, CG made no secret of its ambition to go public as far back as August. The company was one of the few that opted for a pre-IPO crossover funding round last year, a financing model that proved popular during the biotech boom years.
Last Friday, NeOnc Technologies filed its own plans for a Nasdaq IPO. The brain cancer-focused company didn’t offer any estimates for its share price but said it intended to allocate $23.7 million of the proceeds towards its clinical trials, along with $11.4 million going to R&D and $35 million earmarked for general corporate purposes and working capital. A further $10 million would be used to pay off a short-term loan, Neonc explained in the Jan. 12 SEC filing.
The content of the article does not represent any opinions of Synapse and its affiliated companies. If there is any copyright infringement or error, please contact us, and we will deal with it within 24 hours.
Accelerate Strategic R&D decision making with Synapse, PatSnap’s AI-powered Connected Innovation Intelligence Platform Built for Life Sciences Professionals.
Start your data trial now!
Synapse data is also accessible to external entities via APIs or data packages. Leverages most recent intelligence information, enabling fullest potential.