Houston-based Moleculin Biotech, a pharmaceutical company formed out of intellectual property from University of Texas MD Anderson Cancer Center, also in Houston, intends to go public and has filed for an initial public offering, according to a Houston Business Journal report.
Here are four things to know.
1. On its S-1 filing, Moleculin lists its maximum aggregate offering price as $12 million.
2. The company, which has applied to list the common stock on the Nasdaq Capital Market under the symbol "MBRX," estimated that the IPO price per share will be between $5 and $6, with the goal of selling 2 million shares.
3. Moleculin plans to use the net proceeds from the offering to start a Phase II clinical trial for its targeted cancer therapeutic drug, as well as additional research and working capital, according to the report.
4. Under the IPO, Moleculin Biotech is acquiring Moleculin LLC, the holder of the license agreement with MD Anderson, for 1 million shares of common stock, as well as operating loans in the estimated range of $300,000 to $310,000 for Moleculin to meet its license obligations to MD Anderson.
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