Menlo Therapeutics Inc. (NASDAQ:MNLO), a Redwood City, CA-based late-stage biopharmaceutical company, announced the pricing of its initial public offering.
7,000,000 shares of common stock will be offered at a price of $17.00 per share, before underwriting discounts. All of the shares of common stock are being offered by Menlo. The company has also granted the underwriters a 30-day option to purchase from an additional 1,050,000 shares at the initial public offering price, less the underwriting discount.
Menlo’s common stock has been approved for listing on The Nasdaq Global Select Market and is expected to begin trading under the ticker symbol “MNLO” on January 25, 2018.
The offering is expected to close on January 29, 2018, subject to customary closing conditions.
Jefferies LLC, Piper Jaffray & Co. and Guggenheim Securities, LLC are acting as joint book running managers for the proposed offering while JMP Securities is acting as the lead manager.
Menlo is a late-stage biopharmaceutical company focused on the development of serlopitant, a once-daily oral NK1 receptor antagonist, for the treatment of pruritus associated with various underlying dermatologic conditions and for refractory chronic cough. The company has initiated a broad clinical development program for serlopitant including Phase 2 studies for the treatment of pruritus associated with atopic dermatitis, pruritus associated with psoriasis, and refractory chronic cough, and expects to start Phase 3 trials for the treatment of pruritus associated with prurigo nodularis in the first half of 2018.
The company has worldwide rights to serlopitant, excluding Japan where Menlo Therapeutics has licensed serlopitant to JT Torii.