Neuroinflammation biotech Jupiter Neurosciences is revising terms and canceling warrants ahead of $15 million IPO

Jupiter Neurosciences, a phase 1 biotech developing an oral therapy for neuro-inflammation, revised the terms of its upcoming IPO on Tuesday. In its most recent filing, the Company also replaced joint bookrunners Roth Capital and Dawson James with Spartan Securities as the sole bookrunner.

The Jupiter, FL-based company now plans to raise $15 million by offering 2.5 million shares at a price range of $5 to $7. The company last applied to offer 2.2 million units at a price of $6 to $8, with each unit containing one common share and one warrant exercisable at the IPO price. Midway through the revised range, Jupiter Neurosciences will post -3% lower revenue than previously expected.

Jupiter is developing a unique resveratrol platform product primarily targeting the treatment of neuro-inflammation. The Company believes that its sole candidate, JOTROL, has many potential indications for use in rare diseases, although it is primarily targeting mild cognitive impairment/early Alzheimer’s disease with an early TBI/concussion development program. JOTROL completed a Phase 1 safety and tolerability study in March 2021 and Jupiter expects Phase 2 studies to begin in 4Q22.

Jupiter Neurosciences was founded in 2016 and plans to list on the Nasdaq under the symbol JUNS. Spartan Capital Securities is the sole bookrunner on the transaction.