KANSAS CITY, Kan., December 10, 2021 (GLOBE NEWSWIRE) – Cingulate Inc. (âCingulateâ or the âCompanyâ), a clinical-stage biopharmaceutical company using its proprietary Precision Timed Release â¢ (PTR) drug delivery system â¢) technology platform to build and advance a next-generation product pipeline, today announced the closing of its initial public offering of 4,166,666 common shares and associated warrants for the purchase of 4,166,666 ordinary shares. Each common share was sold with a warrant to purchase one common share with an exercise price of $ 6.00 at a combined public offering price of $ 6.00 per share and the associated warrant.
Gross proceeds from the offering were approximately $ 25.0 million, before sales discounts, commissions and estimated offering costs. Cingulate intends to use the net proceeds of the offering for the continuing research and development and pre-market planning of CTx-1301, the continuing research and development of CTx-1302, the validation study concept for CTx-2103, in order to meet the obligations of certain related party notes, to cover unpaid salary costs of employees, including our senior executives, and for working capital, capital expenditures and general objectives of the ‘business, including investing more in research and development efforts.
The Company has granted the underwriters a 45-day over-allotment option to purchase up to 624,999 additional common shares and / or warrants to purchase up to 624,999 additional common shares at the initial public offering price. On December 10, 2021, the Company issued warrants to purchase 624,999 common shares pursuant to the partial exercise of the underwriters’ over-allotment option.
The shares and warrants began trading on the Nasdaq Capital Market under the ticker symbols âCINGâ and âCINGWâ, respectively, on December 8, 2021.
Aegis Capital Corp. acted as Senior Manager of Bookkeeping and Laidlaw & Company (UK) Ltd. acted as co-manager of books for the offer.
A registration statement on Form S-1 relating to the securities sold under this offering was declared effective by the Securities and Exchange Commission (âSECâ) on December 7, 2021. The offering was made only by means of ‘a leaflet. Copies of the final prospectus are available on the SEC’s website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 810 7e Avenue, 18e Floor, New York, NY 10019, by email at firstname.lastname@example.org, or by phone at (212) 813-1010.
This press release does not constitute an offer to sell or a solicitation of an offer to buy such securities, and there will be no sale of such securities in any state or jurisdiction where such an offer, solicitation or sale would be illegal before registration or qualification under the securities laws of any such state or jurisdiction.
Cingulate Inc. is a clinical-stage biopharmaceutical company that uses its proprietary Precision Timed Release â¢ (PTR â¢) drug delivery platform technology to create and advance a pipeline of next-generation pharmaceuticals, designed to improve drug delivery. life of patients with commonly diagnosed diseases. characterized by constraining daily dosing regimens and suboptimal treatment results. Focusing initially on the treatment of Attention Deficit Hyperactivity Disorder (ADHD), Cingulate identifies and assesses additional therapeutic areas where PTR technology can be used to develop future product candidates.
CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine) are designed using an innovative and versatile platform technology that will enable the formulation and manufacture of single dose and multiple release tablets designed to provide a fast start and last the entire asset. day, while ensuring a controlled descent of the drug to optimize the treatment. The formulation of Cingulate will be designed as a once-daily multiple-release tablet with clear differentiation and compelling advantages over current treatment options.
Cingulate is headquartered in Kansas City. For more information, visit Cingulate.com.
This press release contains certain forward-looking statements, including those relating to product use and other statements that are predictive in nature. Forward-looking statements are based on the Company’s current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe haven for forward-looking statements. These statements can be identified by the use of forward-looking phrases, including, but not limited to, “expect”, “anticipate”, “intend”, “plan”, “believe” , “Estimate”, “” predict “,” project “,” should “,” would “and similar expressions and the negative aspects of these terms. Potential investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not undertake to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. Important Factors that could cause actual results to differ materially from those of forward-looking statements are set out in the documents filed by the company with the Securities and Exchange Commission, including its registration statement on Form S-1, as amended from time to time, under the caption “Risk Factors.
Head of Investor and Public Relations, Cingulate
Andy Brimmer / Amy Feng / Tim Ragones
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