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Alzheimer's-focused drug company Alzheon nixes US IPO plans again

Alzheon Inc., a drugmaker developing a therapy for Alzheimer's disease, canceled its planned IPO of common shares on the Nasdaq Global Market.

The Framingham, Mass.-based biopharmaceutical company previously planned to sell 2.5 million common shares at $13 to $15 per share in an IPO on the Nasdaq Global Market. The offering is the second going-public plan the company has cancelled after it withdrew its $80.5 million IPO in May 2018.

Alzheon originally planned to use the IPO proceeds for the phase 2b clinical development of its lead product candidate for Alzheimer's disease, ALZ-801.