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 BIIB Aduhelm.
The company will trade on NASDAQ under the 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.