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Novus Therapeutics postpones common stock offering

Novus Therapeutics Inc. said it will postpone its common stock offering due to market conditions, including valuation sensitivity at the current share price.

The Irvine, Calif.-based company was planning to offer 6 million common shares.

Novus, which develops products for disorders of the ear, nose and throat, said its current cash will be sufficient for several business activities in 2019, including completion of phase 1 trials of its drug OP-02 to treat otitis media, a painful ear infection.

As of June 30, the company had $19.2 million in cash and cash equivalents.