Felicitex Therapeutics, a preclinical oncology drug development company, said Thursday it expects to offer 2.5 million units in its planned initial public offering, priced at $6.25 a unit. Each unit will consist of one share of common stock and two warrants to purchase a share of common stock. The Natick, Mass.-based company has applied to list on Nasdaq under the ticker ‘FLCT.’ Aegis Capital Corp. is sole underwriter on the deal. Proceeds will be used for research & development and for general corporate purposes and working capital. The company is pre-revenue but focuses on therapies targeting dormant and active cancer cells. The deal comes during a meager year for IPOs, as interest rate hikes and high inflation have created volatility that has kept issuers on the sidelines. The Renaissance IPO ETF has fallen 53% in the year to date, while the S&P 500 has fallen 14%.
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