Pheton Holdings Ltd.( PTHL) trimmed its small IPO to 2.25 million shares at pricing – down from 2.5 million shares in the prospectus – and priced the IPO at $4.00 – the low end of its $4.00-to-$5.00 range – to raise $9 million on Wednesday night, Sept. 4, 2024. Pheton’s stock slipped in its NASDAQ debut – opening at $3.76 – down 24 cents from its $4.00 IPO price – at 11:23 a.m. EDT on volume of 100,383 shares, according to NASDAQ. Pheton’s stock closed at $3.78 – down 22 cents or off 5.5 percent from its $4.00 IPO price – in its first day of NASDAQ trading on volume of 2,217,433 shares.
Cathay Securities was the sole book-runner.
Pheton Holdings, incorporated in the Cayman Islands, is the parent of Beijing Feitian, which is developing cancer treatment software, according to the prospectus.
Beijing Feitian is a healthcare solution provider dedicated to the development and commercialization of treatment software used for brachytherapy, a type of radiotherapy used in treating cancer patients by placing radioactive sources inside the patient to kill cancer cells and shrink tumors, the prospectus said. Beijing Feitian’s proprietary TPS product, FTTPS, is designed to promote the efficiency, accuracy and safety of brachytherapy. FTTPS stands for Feitian Treatment Planning Software.
FTTPS is an advanced and user-oriented software to plan the treatment of patients with a wide variety of malignant tumors. The software can determine the target volume, prescription dose and dose limitation to protect organs at risk (“OARs”) and produce a dose distribution plan for brachytherapy for cancer patients.
Beijing Feitian’s operations include sales of medical auxiliary supplies such as printed 3D molds, seed implant needles, computer workstations and sales of FTTPS-related technical advisories or the provision of consulting services.
The company is not profitable, according to the prospectus.
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