Cancer drug developer Felicitex files for proposed $16M IPO

ismagilov

Felicitex Therapeutics (FLCT), which is developing therapies targeted at dormant cancer cells, has filed to raise around $16M through an initial public offering.

The biotech company said in a filing that it is considering offering 2.5M units priced at $6.25 per unit, a price that could likely change. Felicitex hopes to list its shares on Nasdaq under the symbol FLCT.

Each unit would consist of one share plus two warrants to buy one share apiece at the IPO price. The warrant exercise price would be reset after 90 days of issuance to a price that it at least 50% of the IPO unit price.

Underwriters would receive a 45-day option to buy up to 372K additional shares and/or up to 744K warrants to cover any over allotments. Aegis Capital is serving as lead bookrunner.

Felicitex is focusing on developing drugs that target dormant and proliferating cancer cells for illnesses such as acute lymphoblastic leukemia and non-small cell lung cancer. The company's three drug candidates have not yet entered clinical testing.

For the nine-month period ended Sept. 30, Felicitex reported a net loss of $1.5M and no revenue. The company first filed for an IPO in August.

Felicitex is the latest oncology-focused healthcare company to file for an IPO. In mid-November, CytoMed and Accustem both filed to raise around $10M.