Alzheon, a US-based neurodegenerative disorder treatment developer backed by pharmaceutical firm Aptus Therapeutics, has withdrawn its second attempt at an initial public offering on the Nasdaq Global Market.
The company was initially looking to raise approximately $40m in its second IPO attempt after setting the price range between $15 and $16m in August 2018, but shortly after lowered the target to $30m at a price range of $4 to $6.
Proceeds from the second attempt would have been less than half as much of the $86m the company had targeted in its first attempt to go public in April 2018. That listing was subsequently cancelled a month later.
Founded in 2013, Alzheon is developing drugs that aim to stop protein misfolding, a process which causes proteins to become toxic and is linked to neurodegenerative disorders.
The capital raised through the listing was expected to fund the clinical development of its lead candidate, a treatment which is aimed at Alzheimer’s disease.
In December 2017, Alzheon raised $18.1m in a series B round that included Aptus, investment group All Bridge and several undisclosed investors. The round included convertible debt financing and took the company’s total funding to approximately $29m.
Alzheon had previously raised $10m in a 2015 series A round that included Ally Bridge and $1.1m in convertible note financing.