IPO Alert: Inhibikase Therapeutics (IKT)
Inhibikase Therapeutics is scheduled to make its debut on the Nasdaq Global Select Market today (December 23), under the ticker symbol “IKT.”
Atlanta, Georgia-based Inhibikase Therapeutics is a clinical stage pharmaceutical company developing therapeutics kinase inhibitors for Parkinson’s disease and related disorders.
The company has offered to sell 1.8 million shares of its common stock at a price of $10 each. The underwriters have an option for a period of 45 days to purchase up to an additional 270 thousand shares.
The offering, which is scheduled to close on December 28, is expected to fetch gross proceeds of about $18 million for the company.
Underwriters of the IPO:
ThinkEquity, a division of Fordham Financial Management, Inc., Paulson Investment Company, LLC
–The lead candidate is IkT-148009 for the treatment of newly diagnosed Parkinson’s disease (PD) patients, patients early in the course of PD, and PD patients with GI complication and related disorders.
A phase I trial of IkT-148009 for the treatment of Parkinson’s disease was initiated in 2019, with the dosing expected to commence shortly after the conclusion of the IPO.
–IkT-001Pro is for the treatment of Chronic Myelogenous Leukemia. An IND seeking FDA clearance to initiate clinical development for IkT-001Pro is expected to be submitted in the second quarter of 2021.
The company also has a couple of compounds in the research phase namely IkT-148x for the treatment of Dementia with Lewy Body and for Multiple System Atrophy, and IkT-1427 for the treatment of Progressive Multifocal Leukoencephalopathy.
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