Moleculin Gears Up for IPO

Moleculin Biotech has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company plans to list a minimum of 1.4 million shares and a maximum 2 million shares at an estimated $5.50, valuing the offering up to $11 million. The company intends to list its shares on the Nasdaq Capital Market under the symbol MBRX.

The underwriters for the offering are Bonwick Capital Partners and Network 1 Financial Securities.

This preclinical and clinical-stage pharmaceutical company is focused on the development of anti-cancer drug candidates, many of which are based on license agreements with the University of Texas System on behalf of the M.D. Anderson Cancer Center.

The lead drug candidate is liposomal annamycin, an anthracycline intended for the treatment of relapsed or refractory acute myeloid leukemia. Annamycin has been in clinical trials pursuant to an Investigational New Drug application (IND) that had been filed with the U.S. Food and Drug Administration (FDA). Due to a lack of development activity by a prior drug developer, this IND was terminated. However, Moleculin intends to apply for a new IND based on the same data that supported the original one, updated for subsequent clinical data, and to commence a Phase 2 clinical trial for annamycin funded with the proceeds from this offering.
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The company has two other drug development projects in progress, one involving a portfolio of small molecules, which it refers to as the WP1066 Portfolio, focused on the modulation of key regulatory transcription factors involved in the progression of cancer, and the WP1122 Portfolio, a suite of molecules targeting the metabolic processes involved in cancer in general, and glioblastoma (the most common form of brain tumor) in particular.

Moleculin intends to use the net proceeds from this offering to advance its pipeline and for the costs associated with its annamycin clinical trials. The remainder will be used for working capital and general corporate purposes.