NLS Pharmaceutics AG, focusing on discovering and developing novel treatments for rare and complex central nervous system disorders, listed on the Nasdaq Capital Market last Friday. After raising approximately $20.0 million through its IPO the stock price fell clearly.
Established in 2015 and headquartered in Stans, NLS Pharmaceuticals (NLS) is a clinical-stage pharmaceutical company led by an experienced management team with a track record of developing and repurposing product candidates to treat rare and complex central nervous system disorders. These include narcolepsy, idiopathic hypersomnia and Kleine-Levin Syndrome and of neurodevelopmental disorders, such as Attention Deficit Hyperactivity Disorder (ADHD).
NLS' lead product candidate, Quilience is a proprietary controlled release formulation of mazindol (mazindol CR), developed for the treatment of narcolepsy. A phase 2 study in the U.S. evaluating mazindol CR in adult subjects with ADHD met all primary and secondary endpoints and was well-tolerated. Quilience has received Orphan Drug Designations both in the U.S. and in Europe for the treatment of narcolepsy.
NLS has now closed an initial public offering of 4,819,277 units at a price of $4.15 per unit. Each unit consisted of one common share and one warrant to purchase one common share (the "Warrants"). The common shares and Warrants were immediately separable from the units and were issued separately. The common shares and Warrants began trading on the Nasdaq Capital Market on January 29, 2021 under the symbols "NLSP" and "NLSPW," respectively. NLS received gross proceeds of approximately $20.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
The share price fell to $2.62 on Monday, but has since recovered slightly. On Tuesday it closed at $2.82.
(Press release / SK)
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