Andrey Tolkachev
LadRx (OTCQB:LADX), an oncology drug developer, has filed to uplist its shares to Nasdaq and raise at least $12M through a public offering.
The Calif.-based biotech company didn't disclose any terms of the deal, but indicated in its filing fee schedule that it hopes to raise around $12M from the sale of units plus $12M from the exercise of warrants included in the units.
LadRx shares are currently traded OTC under the symbol LADX. The company has applied to uplist its shares to Nasdaq under the same symbol.
LadRx also plans to conduct a 1-for-100 reverse stock split ahead of the uplisting. Roth Capital Partners is serving as lead underwriter, according to the filing.
Formerly known as CytRx, LadRx has developed a drug technology for the improved delivery of chemotoxic agents to cancerous tumors. It's also developed a companion diagnostic to identify patients that would benefit from its four lead drug assets.
The company has licensed its drug candidate aldoxorubicin to ImmununityBio for further development. The compound is currently in Phase 2 testing for pancreatic cancer.
In related news, Singapore-based oncology drug developer CytoMed (GDTC) held its IPO on Friday, raising $10M.