Invizyne Technologies (IZTC), a pre-revenue development-stage company, raised $15 million with the pricing of its IPO on Tuesday night, Nov. 12, 2024. The company priced 1.875 million shares at $8.00 – the terms in the prospectus. Invizyne Technologies’ stock jumped to $11.10 – its opening trade at 12:15 p.m. EST today – Wednesday, Nov. 13, 2024 – on NASDAQ – up $3.10 for a 38.75 percent gain from its IPO price of $8.00 – on volume of 6,500 shares, according to NASDAQ. By 12:34 p.m. EST, Invizyne Technologies’ shares had given up some altitude from their opening tick to trade at $9.00 – up $1.00 or 12.5 percent from their IPO price – on volume of 14,403 shares, according to NASDAQ.
MDB Capital served as the sole book-runner.
In the prospectus, the company disclosed that the underwriter, MDB Capital, may have a conflict of interest because MDB – before the IPO – owned 62.86 percent of Invizyne Technologies’ common stock.
Invizyne Technologies, based in Monrovia, California, said its biomanufacturing platform, SimplePath, offers a major alternative to the methods of chemical compound production.
“Invizyne believes it has discovered and is developing a process that could significantly change biomanufacturing by means of leveraging cell-free multi-step enzyme-based systems that will be able to transform natural or renewable resources into sought after chemicals,” the prospectus said. “We believe that our biomanufacturing platform, known as SimplePath™, will be an important alternative to the current methods of chemical compound production, which methods today are generally chemical synthesis, natural extraction, and synthetic biology. “
The platform could be used to produce new drugs, cleaner and more efficient fuels, new food flavors and fragrances, and less environmentally damaging or polluting industrial chemicals, according to the prospectus.
Invizyne said it is working in the drug discovery space to produce CBGA, the “mother cannabinoid” from which other select downstream cannabinoids are derived. In the biofuel space, Invizyne said it is working to produce isobutanol, a four-carbon alcohol with a branched structure that can be used as a biofuel or as a building block to higher value downstream molecules.
The company, founded in 2019, has no revenue to date. Invizyne said it has received about $13.7 million in U.S. government grants from the time of inception through October 2024, according to the prospectus.
Invizyne reported a net loss of $3.99 million for the 12 months that ended June 30, 2024, according to the prospectus.
