ADHD-Focused Cingulate Prices Public Offering, Shares Detailed Pivotal Trial Data

Cingulate Inc CING shares are trading lower after the company priced its $4-million public offering at around 58 cents per share and accompanying warrants.

The offering includes 6.93 million shares and Series A and Series B warrants to purchase up to 6.93 million and up to 3.46 million shares, respectively.

Series A and Series B warrants have an exercise price of 57 cents per share.

The Kansas City, Kansas-based company also announced full results from the Phase 3 adult efficacy and safety study of its lead candidate, CTx-1301 (dexmethylphenidate), for attention-deficit/hyperactivity disorder (ADHD), presented at the Annual Psych Congress.

The data from the trial did not achieve statistical significance on the primary efficacy endpoint but demonstrated a trend toward significance in improving Permanent Product Measure of Performance (PERMP) scores with CTx-1301 compared to placebo. 

PERMP is a math test used in ADHD trials to assess medication effectiveness by assessing the number of math problems completed.

Treatment Effect Size of 1.41 and 0.98 were observed at 30 minutes and hour 16, respectively; currently, available long-acting stimulants range from 0.5 to 0.91.

Clinical Global Impression Scale [CGI-S]) scores with CTx-1301 compared to placebo also showed significant improvements even though the study was not powered for statistical significance.

CTx-1301 demonstrated a favorable safety profile in the trial compared to placebo. No patients reported experiencing insomnia during the randomized period.

CING Price Action: Cingulate shares were down 5.14% at 55 cents midday Monday.