Jupiter Neurosciences, Inc. (JUNS) to raise $11 million in IPO

Jupiter Neurosciences, Inc. (JUNS) plans to raise $11 million in an IPO on Tuesday, Oct. 1, IPO Scoop reports. The company will issue 2,800,000 shares at $4.00 per share.

Jupiter Neurosciences, Inc. has a market cap of $131.5 million.

Dominari Securities and Revere Securities acted as underwriters for the IPO.

Jupiter Neurosciences, Inc. provided the following description of their company for the IPO: “Jupiter Neurosciences, Inc. is a research and clinical development pharmaceutical company that has developed a unique resveratrol platform product primarily targeting the treatment of neuro-inflammation. (Incorporated in Delaware) The product candidate, named JOTROL, was developed together with our technology partner Aquanova AG, Darmstadt, Germany. JOTROL is formulated with a unique patented micellar technology that is designed to increase the bioavailability profile of resveratrol. Manufacturing technology transfers were completed in 2017, and manufacturing procedures and production of clinical trial materials were completed at Catalent Pharmaceutical Services, Inc., St Petersburg, Florida. JOTROL is a non-aqueous micellar solution of resveratrol delivered in a softgel capsule. Each capsule includes 100 mg of resveratrol. Preclinical studies were conducted in mice and rats comparing JOTROL™ with micronized resveratrol, labeled as having the highest bioavailability on the nutritional market, to demonstrate that we could achieve significantly higher bioavailability. Summary details of these studies are included in the “Business Description” section. In the first half of 2021, a phase I dose-finding pharmacokinetic study (“PK”) in healthy volunteers was completed. The results of the study met our intended objectives. The results of this study will be used as a cross-reference for all indications in which JOTROL will be used in phase II and III clinical trials. Phase I results and FDA guidance on cross-referencing are further described in the “Business Description” section. The Company has not discussed the use of cross-referencing in this manner with the FDA or other comparable regulatory authorities. Our product candidate, JOTROL, has many potential indications for use in rare diseases. We primarily target mucopolysaccharidoses type 1, Friedreich’s ataxia and MELAS. In the larger disease areas, we primarily target Parkinson’s disease and mild cognitive impairment/early Alzheimer’s disease. Recent developments guide us to focus strongly on Parkinson’s disease as well as our product development in the Southeast Asian market. We currently intend to use the net proceeds from this offering, together with our existing resources, to initiate a Phase II clinical trial of JOTROL in patients with Parkinson’s disease to establish a presence in Southeast Asia through service agreements and to move forward. manufacture of consumables for JOTROL clinical studies. We have several preclinical studies and a completed Phase I clinical trial to evaluate the safety and tolerability of JOTROL in healthy volunteers. Following this offering, we will prepare for Phase II clinical trials. This will be our first clinical trial of efficacy, and JOTROL has not previously been tested in humans with a specific disease, although we can rely on the data that exists for resveratrol. The company recently completed preclinical work in a validated mouse model of Parkinson’s disease (PD) at the University of Miami. The PD model that was used mimics many aspects of the disease using a unilateral injection of a neurotoxin precursor that causes nigral cell loss, striatal dopamine loss, and behavioral deficits similar to the physiological features of the human disease. We believe that the results of this study indicate that PD may be the best target for treatment solution among the multiple indications in which JOTROL may play a role. The test design and results are further described in the “Description of the Business” section. On May 23, 2024, the US Senate unanimously passed the National Plan to End Parkinson’s Act, the first federal legislation dedicated to stopping Parkinson’s disease. Over the past two years, we have received strong interest in JOTROL from various organizations in Asia. We believe that this interest was triggered, in part, by (i) resveratrol becoming commonly used in Asian herbal medicines as a therapeutic strategy, as described in the available scientific literature published by PubMed Central: PMCID: PMC7498443 (September 2020 ), (ii) Hong Kong and China’s recent patent approval for JOTROL, (iii) China issuing a list of approximately 120 rare disease indications jointly issued by five national bodies, including the National Health Commission, the Ministry of Science and Technology, Ministry of Industry and Information Technology, State Administration of Medicines and State Administration of Traditional Chinese Medicine (May 2018), that we believe that JOTROL may be applicable as a treatment for MPS-1 and MELAS in this population, (iv) publications recent reports on JOTROL in Journal of Alzheimer’s Disease and AAPS Open (Journal of Alzheimer’s Disease 86 (2022) 173–190 February 2022; Kemper et al. AAPS Open June 2022) and (v) the projected growth of the Traditional Chinese Medicine (“TCM”) Market due to several factors, one of which is the reformulation of existing compounds. Our President and CEO, Christer Rosén, presented our company status and pipeline in person at BIOHK 2023 in Hong Kong in September 2023. The presentation led to several subsequent meetings and thus we recently agreed. to service agreements in the areas of CMC (chemistry, manufacturing and controls), regulatory affairs and clinical trial management. These agreements are with companies that we believe have the knowledge and network in the Southeast Asian market to accelerate the necessary steps to have a product that can have treatment value in the territory. We believe that a high dose of resveratrol is required for therapeutic effects. Currently available resveratrol products are associated with severe gastrointestinal (GI) side effects at the dose levels we consider necessary. Our belief is based on the available scientific literature, the results of preclinical studies in mice and rats, and previous human trials of resveratrol. We believe that JOTROL, based on the results of our Phase I study, see the Business Description section, has the potential to deliver a therapeutically effective dose of resveratrol into the bloodstream without causing gastrointestinal (GI) side effects. In 2020, we received approval for full funding, $1.76 million, for our Phase I study from the National Institute on Aging (“NIA”). We intend to continue to pursue grant funding opportunities in all areas where they are available, such as Phase II and III trials in Alzheimer’s disease, as well as any funding available for our rare disease projects. **Note: Net loss and revenue figures are for the 12 months ended June 30, 2024. (Note: Jupiter Neurosciences, Inc. appointed Dominari Securities as joint bookrunner in the remaining lead position on the prospectus – to was working with Revere Securities – in an S-1/A filing dated September 3, 2024. (Note: Jupiter Neurosciences, Inc. increased the size of its IPO to 2.75 million shares – up from 2.61 million shares — and lowered the assumed IPO price to $4.00 — the lower end of the $4.00 to $5.00 price range — to raise $11.0 million, according to an S-1 filing /A dated July 12, 2024. This mid-July 2024 SEC filing named Revere Securities as sole bookkeeper – replacing Spartan Capital.) (Note: On January 6, 2023, Jupiter Neurosciences, Inc. filed an S-1/A updating its financials to September 30, 2022 and keeping terms the same as December 2, 2022 SEC filing: 2.61 million shares at $5.75 to raise $15.0 million On December 2, 2022, Jupiter Neurosciences filed an S-1/A revising its IPO by increasing the number of shares to 2.61 million shares (2,608,695 shares). 2.5 million shares and stipulating an assumed IPO price of $5.75, below the midpoint of its prior range of $5.00 – $7.00, to raise $14.99 million. (Note: On September 20, 2022, Jupiter Neurosciences, Inc.’s IPO was delayed due to NASDAQ – just before the expected price that night. Price date changed to “TBA”. One week earlier on September 13 2022, the timing of the deal was pushed back a week “due to market conditions” following the US stock market crash following the shocking US CPI data for August 2022. 16, 2022 Jupiter Neurosciences switched underwriters – to Spartan Capital as sole accounting director – and renewed its IPO to an all-stock deal, ditching the new terms: 2.5 million shares at $5.00 to $7.00 to raise $15.0 million .with the proposed stock symbol “JUNS” On August 26, 2022, Jupiter Neurosciences updated its S-1/A filing to reflect that event. Background: Previous bookrunners for this IPO were Roth Capital and Dawson James Securities.) (Note: Jupiter Neurosciences, Inc. has revived its IPO – postponed to Thursday, February 10, 2022 due to market conditions – in an S-1/A filing dated April 26, 2022. Background: The unit’s IPO had been tentatively scheduled for pricing after closing on February 10, 2022. Earlier: Jupiter Neurosciences reduced the size of its unit IPO to 2.2 million units, in down from 3.33 million units and raised its price range to $6.00 to $8.00, up from $5.00 to $7.00, in an S-1/A filing from January. 26, 2022. Each unit consisted of one share of common stock and one warrant to purchase one share of common stock. Background: S-1 was filed on October 12, 2021.) “.

Jupiter Neurosciences, Inc. was founded in 2016 and has 4 employees. The company is located at Jupiter Neurosciences, Inc. 1001 North US HWY 1, Suite 504 Jupiter, Florida 33477 and can be reached by phone at (561) 406-6154 or on the web at http://www.jupiterneurosciences.com/ .

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