Inhibikase Therapeutics Announces Request for Withdrawal of S-1 Registration Statement

Rhea-AI Summary

Inhibikase Therapeutics announced the withdrawal of its Registration Statement on Form S-1, initially filed with the SEC on April 19, 2024. The company confirmed that the S-1 had not yet been declared effective and that no securities were sold related to this filing. This action reflects a strategic decision not to proceed with the offering at this time. The press release clarifies that this announcement does not constitute an offer to sell or solicit offers to buy any securities of the company.

Positive

• No securities were sold in connection with the withdrawn Registration Statement, avoiding potential shareholder dilution.
• The company strategically decided to withdraw the S-1, which might indicate a reconsideration of market conditions or funding strategies.

Negative

• Withdrawal of the S-1 may signal potential challenges in securing funding or unfavorable market conditions.
• The decision might reflect underlying issues such as financial instability or lack of investor interest.

BOSTON and ATLANTA, May 15, 2024 (GLOBE NEWSWIRE) -- Inhibikase Therapeutics, Inc. (Nasdaq: IKT) (“Inhibikase” or “Company”), a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson's disease, Parkinson's-related disorders and other diseases of the Abelson Tyrosine Kinases, today announced that it has filed a Request for Withdrawal with the U.S. Securities and Exchange Commission (“SEC”) with respect to the withdrawal of the Company’s Registration Statement on Form S-1 (File No. 333-278844) that it filed with the SEC originally on April 19, 2024. The Registration Statement has not been declared effective by the SEC, and no securities have been sold in connection with the offering described in the Registration Statement.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Company’s common stock or any securities, and there shall not be any offer, solicitation or sale of securities mentioned in the press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such any state or jurisdiction.

About Inhibikase (www.inhibikase.com)
Inhibikase Therapeutics, Inc. (Nasdaq: IKT) is a clinical-stage pharmaceutical company developing therapeutics for Parkinson's disease and related disorders. Inhibikase's multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program risvodetinib, an Abelson Tyrosine Kinase (c-Abl) inhibitor, targets the treatment of Parkinson's disease inside and outside the brain as well as other diseases that arise from Abelson Tyrosine Kinases. Its multi-therapeutic pipeline is pursuing Parkinson's-related disorders of the brain and GI tract, orphan indications related to Parkinson's disease such as Multiple System Atrophy, and drug delivery technologies for kinase inhibitors such as IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate that the Company believes will provide a better patient experience with fewer on-dosing side-effects. The Company's RAMP™ medicinal chemistry program has identified several follow-on compounds to risvodetinib that could potentially be applied to other cognitive and motor function diseases of the brain. Inhibikase is headquartered in Atlanta, Georgia with offices in Lexington, Massachusetts.

Social Media Disclaimer
Investors and others should note that the Company announces material financial information to investors using its investor relations website, press releases, SEC filings and public conference calls and webcasts. The Company intends to also use X, Facebook, LinkedIn and YouTube as a means of disclosing information about the Company, its services and other matters and for complying with its disclosure obligations under Regulation FD.

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 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 include our ability to enroll and complete the 201 Trial evaluating risvodetinib in untreated Parkinson’s disease, to successfully apply for and obtain FDA approval for IkT-001Pro in blood and stomach cancers or other indications, to successfully conduct clinical trials that are statistically significant and whether results from our animal studies may be replicated in humans, as well as such other factors that are included in our periodic reports on Form 10-K and Form 10-Q that we file with the U.S. Securities and Exchange Commission. 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:

Company Contact:
Milton H. Werner, PhD
President & CEO
678-392-3419
info@inhibikase.com

Investor Relations:
Alex Lobo
Stern Investor Relations, Inc.
alex.lobo@sternir.com

FAQ

Why did Inhibikase Therapeutics withdraw its S-1 Registration Statement?

Inhibikase Therapeutics withdrew its S-1 Registration Statement as a strategic decision, potentially due to market conditions or other considerations.

Were any securities sold from Inhibikase Therapeutics' withdrawn S-1 Registration Statement?

No, Inhibikase Therapeutics confirmed that no securities were sold in connection with the withdrawn S-1 Registration Statement.

What does the withdrawal of Inhibikase Therapeutics' S-1 Registration Statement mean for investors?

The withdrawal suggests that the company is reevaluating its funding approach, which could indicate market challenges or strategic pivots.

When was the original S-1 Registration Statement filed by Inhibikase Therapeutics?

The original S-1 Registration Statement was filed on April 19, 2024.

What is the stock symbol for Inhibikase Therapeutics?

The stock symbol for Inhibikase Therapeutics is IKT.