The company intends to funnel the net proceeds primarily into advancing its lead candidate, NanO2, a therapeutic oxygen-delivery system currently undergoing clinical trials. Remaining capital will be allocated toward the development of its broader drug pipeline and general working capital requirements.
In section Market Quotes
NuvOx Therapeutics Targets NYSE American Listing in IPO
Tucson-based NuvOx Therapeutics is moving to public markets, seeking to raise up to $20.2 million through an initial public offering. The clinical-stage biopharmaceutical firm plans to list 2.9 million shares on the NYSE American under the ticker symbol NUOX, pricing the equity between $6 and $8 per share.
Financial filings for the quarter ending March 31 reveal a narrowing of losses for the firm. NuvOx reported a net loss of $6.9 million against $238,000 in revenue, an improvement over the $12.3 million loss on $183,000 in revenue posted during the same period last year. The offering’s total proceeds remain subject to the exercise of standard underwriter options.
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