WILMETTE, Ill. - Monopar Therapeutics Inc . (NASDAQ:MNPR), a clinical-stage biotechnology company, today revealed plans for a public offering of its common stock. The completion and terms of the offering are subject to market conditions, and no assurances can be given regarding the final details or timing.
The company, which is engaged in developing treatments for patients with unmet medical needs, intends to use the net proceeds for general corporate purposes. These may include funding for research and development, clinical trials, product manufacturing and supply, as well as working capital.
Rodman & Renshaw LLC has been appointed as the exclusive placement agent for the offering. The shares will be offered following a "shelf" registration statement on Form S-3, filed with the U.S. Securities and Exchange Commission (SEC) on December 21, 2022, and declared effective on January 4, 2023.
Monopar Therapeutics' portfolio includes late-stage ALXN-1840 for Wilson disease and various radiopharmaceutical programs at different stages of clinical development aimed at diagnosing and treating advanced cancers.
The offering's preliminary prospectus supplement, along with the accompanying prospectus, will be filed with the SEC and made available on its website. Potential investors are advised to thoroughly review these documents, as well as other filings by the company with the SEC, before making any investment decisions.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
The information in this article is based on a press release statement from Monopar Therapeutics Inc.
In other recent news, Monopar Therapeutics has secured an exclusive global license for the Phase 3 clinical trial drug candidate for Wilson disease, ALXN-1840, from Alexion (NASDAQ:ALXN), AstraZeneca (NASDAQ:AZN) Rare Disease. The company has also reported no generated revenues for the second quarter of 2024 and a net loss of $0.10 per share. Analyst firms H.C. Wainwright and Jones Trading have maintained a Buy rating for Monopar, with H.C. Wainwright raising the price target to $6.00.
Monopar has shown promising results from its Phase I imaging trial involving the MNPR-101-Zr agent, which demonstrated high tumor uptake, indicating potential efficacy in cancer imaging. The company has also initiated a Phase I therapeutic trial for MNPR-101-Lu in Australia, targeting patients with advanced solid cancers. In addition, Monopar announced a 5-for-1 reverse stock split, reducing the total number of outstanding shares, and regained compliance with Nasdaq's minimum bid price requirement.
Moreover, Monopar expanded its partnership with NorthStar Medical Radioisotopes, securing a long-term contract for the supply of actinium-225, a key radioisotope used in cancer treatment. In terms of personnel changes, the company announced the retirement of CFO Kim R. Tsuchimoto, with Karthik Radhakrishnan set to assume her roles. These are among the recent developments at Monopar Therapeutics.
InvestingPro Insights
Monopar Therapeutics Inc. (NASDAQ:MNPR) has been experiencing significant market momentum, which may be of interest to investors considering the company's planned public offering. According to InvestingPro data, MNPR has shown remarkable price performance across various timeframes. The stock has delivered a staggering 222.48% return over the past week and an impressive 636.09% return over the last year.
This strong performance is further highlighted by InvestingPro Tips, which note that MNPR has seen "Significant return over the last week" and a "High return over the last year." These trends could potentially generate investor interest in the upcoming stock offering.
However, potential investors should also consider the company's financial position. An InvestingPro Tip indicates that MNPR "Holds more cash than debt on its balance sheet," which could be seen as a positive factor for a clinical-stage biotech company planning to raise funds for research and development. At the same time, it's worth noting that MNPR is "Not profitable over the last twelve months," with an adjusted operating income of -$7.49 million for the last twelve months as of Q2 2024.
The stock's valuation metrics present an interesting picture. With a Price to Book ratio of 10.2, MNPR is "Trading at a high Price / Book multiple," according to InvestingPro Tips. This high valuation could be reflective of investor optimism about the company's pipeline and future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 8 additional tips for MNPR, providing a deeper understanding of the company's financial health and market position.
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