Cancer biotech Actuate Therapeutics prices downsized IPO at $8 low end
Actuate Therapeutics, a Phase 2 biotech developing an inhibitor therapy for difficult to treat cancers, raised $22 million by offering 2.8 million shares at $8, the low end of the range of $8 to $10. The company offered 150,000 shares fewer than anticipated.
Actuate Therapeutics is focused on developing therapies for the treatment of high impact, difficult to treat cancers through the inhibition of glycogen synthase kinase-3 (GSK-3). The company has exclusively licensed a portfolio of GSK-3 inhibitors developed in a collaboration between the University of Illinois-Chicago and Northwestern University. Its lead candidate, elraglusib (9-ING-41), is being evaluated in a randomized Phase 2 trial in patients with metastatic pancreatic cancer, with top line results expected in the 1Q25.
Actuate Therapeutics plans to list on the Nasdaq under the symbol ACTU. Titan Partners acted as sole bookrunner on the deal.
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