FREEHOLD, N.J., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Chromocell Therapeutics Corporation (NYSE:CHRO) ("Chromocell" or the "Company"), a clinical-stage biotech company focused on developing and commercializing new, non-opioid therapeutics to alleviate pain, today announced the pricing of its initial public offering of 1,100,000 shares of common stock at a public offering price of $6.00 per share. The offering raised aggregate gross proceeds of approximately $6.6 million, prior to deducting underwriting discounts and other offering expenses.
In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 15% of shares of common stock at the initial public offering price, less underwriting discounts, and commissions to cover over-allotments, if any. The offering is expected to close on February 21, 2024, subject to customary closing conditions.
In connection with the offering, Chromocell has received approval to list its shares of common stock on the NYSE American LLC, with the shares expected to begin trading on February 16, 2024 under the symbol "CHRO".
Chromocell expects to use the net proceeds from the offering primarily (i) to prepare and conduct a dose escalation study for CC8464 in an effort to establish a safe dose escalation regime; (ii) for in vivo and toxicology studies of CC8464 for the treatment ...