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Telomir Pharmaceuticals sold $7 million IPO in 5 days

Published 02/14/2024, 06:50 AM
Updated 02/14/2024, 06:50 AM
© Reuters.

BALTIMORE - Telomir Pharmaceuticals, Inc. (NASDAQ:TELO), a pre-clinical-stage biotech firm, has finalized its initial public offering, raising $7 million through the sale of 1 million shares priced at $7.00 each. The company's stock commenced trading on The Nasdaq Capital Market on Thursday, February 9, 2024, under the ticker symbol "TELO."

Kingswood Investments, part of Kingswood Capital Partners LLC, served as the sole book-running manager for the offering. The IPO proceeds, before expenses, will support the development of Telomir-1, a novel small molecule designed to lengthen DNA's telomere caps, which the company claims could reverse aging.

The focus of Telomir's clinical program will initially target age-related inflammatory conditions, specifically hemochromatosis. Plans to expand the application of Telomir-1 include post-chemotherapy recovery and a variety of other age-related diseases, such as osteoarthritis.

This financial milestone follows the SEC's declaration of effectiveness for Telomir's registration statement on Form S-1 (File No. 333-275534) on February 8, 2024. While the prospectus for the IPO is available through Kingswood Investments and the SEC's website, the company emphasizes that the offering is strictly by prospectus and not an offer to sell or a solicitation of an offer to buy in any jurisdiction where such an offer or sale would be unlawful.

The announcement contains forward-looking statements under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which are subject to various risks and uncertainties that could cause actual results to differ materially from those projected. These include, but are not limited to, market conditions and the satisfaction of customary closing conditions for the IPO.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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