Jupiter Neurosciences, Inc. (JUNS) priced its small-cap IPO at $4.00 and sold 2.75 million shares – the terms in the prospectus – to raise $11.0 million after the closing bell on Monday, Dec. 2, 2024. At pricing, Jupiter Neurosciences became the first IPO of December. The company began its quest to go public a little more than three years ago.
The stock opened flat at $4.00 on volume of 115,135 shares at 11:25 a.m. EST on Tuesday, Dec. 3, 2024, according to NASDAQ. By 11:32 a.m. EST, Jupiter Neurosciences’ shares were trading at $4.75 – up 75 cents or 18.75 percent – from their IPO price.
Dominari Securities was the book-runner, working with Revere Securities.
Jupiter Neurosciences, based in Jupiter, Florida, is a clinical R&D pharmaceutical company that has developed a resveratrol product – delivered in a softgel capsule – to treat neuro-inflammation, according to the prospectus. The company was founded in 2016.
Jupiter Neurosciences said it intends to use the IPO proceeds to initiate a Phase II clinical trial with JOTROL in patients with Parkinson’s Disease, establish a presence in South-East Asia through service agreements, and advance the manufacturing of JOTROL clinical trial supplies.
The company is not profitable. For the 12 months that ended June 30, 2024, Jupiter Neurosciences reported a net loss of $2.53 million on no revenue.
Jupiter Neurosciences began its quest for an IPO a little more than three years ago as a unit offering of stock and warrants. Since then, the deal’s terms and the underwriting teams have undergone more than a few evolutions.
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