Alzheon Inc. plans to sell up to $80.5 million of its common stock through an IPO.
The company, which granted underwriters an overallotment option to buy additional shares, plans to list its stock on the Nasdaq Global Market under the symbol ALZH.
Alzheon plans to use net proceeds to help develop its lead product candidate ALZ-801, which is meant to treat Alzheimer's disease. Remaining proceeds, if any, will go toward research and development activities as well as working capital and other general corporate purposes.
Citigroup Global Markets Inc. and Piper Jaffray & Co. are acting as joint book-running managers and representatives of the underwriters, which include Canaccord Genuity Inc. and JMP Securities LLC.
Framingham, Mass.-based Alzheon plans to start ALZ-801's phase 3 U.S. and international trials in 2018. The U.S. Food and Drug Administration granted the drug fast-track status in October 2017.
