Moleculin Biotech, Inc., (NASDAQ: MBRX), a Houston, TX-based preclinical and clinical-stage pharmaceutical company focused on the development of anti-cancer drug candidates, many of which are based on discoveries made at M.D. Anderson Cancer Center, has closed an IPO of 1,540,026 common stock at a public offering price of $6.00 per share for gross proceeds of $9,240,156.
Moleculin’s common stock began trading on June 2, 2016 on the NASDAQ Capital Market under the symbol “MBRX.”
After pricing at the high end of its range, the stock closed on its first day of trading at $8.00.
The net proceeds of the offering will help finance a Phase II clinical trial for Annamycin, an anthracycline for the treatment of relapsed or refractory acute myeloid leukemia, more commonly referred to as AML. Other uses of the IPO funding include, license maintenance and IP prosecution costs, research, and general working capital purposes.
Bonwick Capital Partners LLC acted as Lead Bookrunner and Lead Underwriter, and Network 1 Financial Securities, Inc. acted as Co-Underwriter for the Offering.
Led by Founder, Chairman, CEO, and Business Advisory Board Member Walter Klemp, Moleculin is advancing Annamycin, a Phase II clinical stage anthracycline for the treatment of relapsed or refractory acute myeloid leukemia, more commonly referred to as AML.
It also has two active pre-clinical small molecule portfolios, one of which is focused on the modulation of hard-to-target tumor cell signaling mechanisms and the recruitment of the patient’s own immune system. The other portfolio targets the metabolism of tumors.