Inhibikase Therapeutics Announces Closing of Initial Public Offering

Rhea-AI Summary

Inhibikase Therapeutics, a clinical-stage pharmaceutical company, has successfully closed its initial public offering, selling 1,800,000 shares at $10.00 each, generating $18 million in gross proceeds. Additionally, underwriters have a 45-day option to purchase up to 270,000 additional shares. The company's stock began trading on the Nasdaq Capital Market under the ticker symbol 'IKT' on December 23, 2020. ThinkEquity is the sole book-running manager for this offering.

Positive

• Raised $18 million from the initial public offering to support development initiatives.
• Stock began trading on Nasdaq, potentially increasing market visibility and accessibility.

Negative

• Potential dilution of shares if underwriters exercise their option for additional shares.

ATLANTA, Dec. 28, 2020 /PRNewswire/ -- Inhibikase Therapeutics, Inc. (Nasdaq: IKT) ("Inhibikase"), a clinical-stage pharmaceutical company developing therapeutics for Parkinson's disease and related disorders that arise inside and outside of the brain, announced today the closing of its initial public offering of 1,800,000 shares of common stock at a public offering price of $10.00 per share. The gross proceeds from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Inhibikase, were $18 million. In addition, Inhibikase has granted the underwriters a 45-day option to purchase up to an additional 270,000 shares of Inhibikase's common stock at the initial public offering price, less underwriting discounts and commissions.

Inhibikase's common stock began trading on the Nasdaq Capital Market on December 23, 2020 under the ticker symbol "IKT."

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the offering.

A registration statement relating to the securities being sold in the offering was declared effective by the Securities and Exchange Commission (SEC) on December 22, 2020. This offering was made only by means of a prospectus. Copies of the final prospectus relating to this offering may be obtained from the offices of ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, or by email at prospectus@think-equity.com. These documents may also be obtained free of charge, when they are available, by visiting the SEC's website at www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

About Inhibikase (www.inhibikase.com) 
Inhibikase is a clinical-stage pharmaceutical company developing therapeutics for Parkinson's Disease and related disorders that arise inside and outside of the brain. Inhibikase is headquartered in Atlanta, Georgia with additional offices in Boston, Massachusetts.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as "believes," "expects," "may," "will," "should," "anticipates," "plans," or similar expressions or the negative of these terms and similar expressions are intended to identify forward-looking statements. These forward-looking statements, including statements regarding the closing of the initial public offering and the proceeds of the initial public offering, are based on Inhibikase's current expectations and assumptions. Such statements are subject to certain risks and uncertainties, which could cause Inhibikase's actual results to differ materially from those anticipated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Inhibikase's filings with the SEC, including its registration statement on Form S-1, as amended (File No. 333-240036), including under the caption "Risk Factors." Any forward-looking statement in this release speaks only as of the date of this release. Inhibikase undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

Contacts: 
Investor Relations:
Milton H. Werner, PhD
President & CEO, Inhibikase
678-392-3419
mhwerner@inhibikase.com 

Media:
Mary Moynihan
M2Friend Biocommunications
802-951-9600
mary@m2friend.com 

 

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SOURCE Inhibikase Therapeutics

FAQ

What was the offering price of Inhibikase Therapeutics' IPO?

Inhibikase Therapeutics offered 1,800,000 shares at a price of $10.00 per share.

How much did Inhibikase Therapeutics raise in its IPO?

The initial public offering raised $18 million in gross proceeds.

When did Inhibikase Therapeutics start trading on Nasdaq?

Inhibikase Therapeutics began trading on the Nasdaq Capital Market on December 23, 2020.

Who is managing the IPO for Inhibikase Therapeutics?

ThinkEquity is acting as the sole book-running manager for the offering.

What is the ticker symbol for Inhibikase Therapeutics on Nasdaq?

The ticker symbol for Inhibikase Therapeutics is 'IKT'.