Benzinga | Jun 25, 2021 01:36PM EDT

Alzheimer's Biotech Acumen Pharmaceuticals Prices $125M IPO Soon After Biogen's Aduhelm Approval

* Acumen Pharmaceuticals Inc has set the terms for its IPO to raise around $125 million to take ACU193, an antibody against amyloid-beta oligomers, to the end of phase 2 in Alzheimer's disease.

* Virginia-based Acumen filed with the SEC regulatory filing for its proposed Nasdaq IPO days after the FDA granted accelerated approval to Biogen Inc's (NASDAQ:BIIB) Aduhelm.

* The company will trade on NASDAQ under the (NASDAQ:ABOS) symbol.

* Acumen was initially penciled in to raise $100 million to support the development of the Alzheimer's candidate.

* The company has priced its IPO at $14 to $16 a share. If Acumen sells the targeted 8.3 million shares at the midpoint of that range, it will pocket $125 million.

* Acumen has earmarked $75 million for clinical trials of ACU193.

* The money will support the phase 1 trial, which is designed to deliver data on safety, tolerability, and clinical proof of mechanism by the end of next year.

* The company expects to start the phase 2 portion of a phase 2/3 trial in 2023.