Acumen Pharmaceuticals, Inc. (ABOS) to Raise $124 Million in IPO

Acumen Pharmaceuticals, Inc. (ABOS) expects to raise $124 million in an initial public offering (IPO) on Thursday, July 1st, IPO Scoop reports. The company will issue 8,300,000 shares at $14.00-$16.00 per share.

In the last year, Acumen Pharmaceuticals, Inc. generated $1.4 million in revenue and had a net loss of $7.3 million. The company has a market-cap of $554.9 million.

BofA Securities, Credit Suisse and Stifel served as the underwriters for the IPO and UBS Investment Bank was co-manager.

Acumen Pharmaceuticals, Inc. provided the following description of their company for its IPO: “We are a clinical-stage biopharmaceutical company developing a novel disease-modifying approach to target what we believe to be a key underlying cause of Alzheimer’s disease, or AD. Alzheimer’s disease is a progressive neurodegenerative disease of the brain that leads to loss of memory and cognitive functions and ultimately results in death. Our scientific founders pioneered research on soluble amyloid-beta oligomers, or AbOs, globular assemblies of the amyloid-beta, or Ab, peptide that are distinct from Ab monomers and amyloid plaques. Based on decades of research and supporting evidence, AbOs have gained increasing scientific acceptance as a primary toxin involved in the initiation and propagation of AD pathology. We are currently focused on advancing a targeted immunotherapy drug candidate, ACU193, and establishing proof of mechanism in early AD patients. ACU193 is a humanized monoclonal antibody that selectively targets AbOs, has demonstrated functional and protective effects in in vitro assays, and has demonstrated in vivo safety and pharmacologic activity in multiple animal species including transgenic models for AD. We initiated our Phase 1 clinical trial of ACU193 in the second quarter of 2021 with the objective to evaluate its safety and tolerability and explore its pharmacokinetics and target engagement. This trial is enrolling patients with mild dementia or mild cognitive impairment, or MCI, due to AD, conditions referred to as “early AD.” Our ACU193 Phase 1 data intended to evaluate safety and tolerability and demonstrate clinical proof of mechanism are expected by year end 2022. Note: Revenue is grant revenue for the year ended Dec.31, 2020. The net loss figure is also for 2020. “.

Acumen Pharmaceuticals, Inc. was founded in 1996 and has 7 employees. The company is located at 427 Park St. Charlottesville, VA 22902 and can be reached via phone at (434) 297-1000 or on the web at http://www.acumenpharm/.

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