Protagenic Therapeutics, an early stage biotech developing therapies for stress-related neuropsychiatric and mood disorders, raised $13 million by offering 3.2 million units at $4.15, the midpoint of the range of $4.13 to $4.17. The company sold 0.5 million more units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at $4.98. At pricing, the company commands a fully diluted market value of $85 million.Because the company offered units with warrants attached, Protagenic Therapeutics will be excluded from Renaissance Capital's stats.
The company specializes in the discovery and development of therapeutics for stress-related neuropsychiatric and mood disorders, utilizing synthetic forms of endogenous brain signaling peptides that can dampen overactive stress responses. Its lead compound, PT00114, is a 41-residue peptide synthetic form of TCAP that can be administered subcutaneously, sublingually, or intra-nasally. The company intends to complete IND-enabling studies of PT00114 and enter first-in-human Phase 1/2 studies in the 3Q21.
Protagenic Therapeutics plans to list on the Nasdaq under the symbol PTIX. Kingswood Capital Markets acted as a lead manager on the deal.
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