Cingulate Inc. Announces Pricing of $25.0 Million Initial Public Offering
December 07 2021 - 9:05PM
Cingulate Inc. (“Cingulate” or the “Company”), a clinical-stage
biopharmaceutical company utilizing its proprietary Precision Timed
Release™ (PTR™) drug delivery platform technology to build and
advance a pipeline of next-generation products, today announced the
pricing of its initial public offering of 4,166,666 shares of
common stock and accompanying warrants to purchase 4,166,666 shares
of common stock.
Each share of common stock is being sold together with one
warrant to purchase one share of common stock with an exercise
price of $6.00 at a combined public offering price of $6.00 per
share and accompanying warrant. All of the shares and warrants are
being offered by Cingulate. The Company has granted the
underwriters a 45-day over-allotment option to purchase up to an
additional 624,999 shares of common stock and/or warrants to
purchase up to an additional 624,999 shares of common stock at the
initial public offering price.
The shares and warrants are scheduled to begin trading on the
Nasdaq Capital Market under the ticker symbols “CING” and “CINGW,”
respectively, on December 8, 2021. The offering is expected to
close on December 10, 2021, subject to the satisfaction of
customary closing conditions.
Gross proceeds, before underwriting discounts and commissions
and estimated offering expenses, are expected to be approximately
$25.0 million. Cingulate intends to use the net proceeds of the
offering for continued research and development and
pre-commercialization planning of CTx-1301, continued research and
development of CTx-1302, proof of concept study for CTx-2103, to
satisfy obligations under certain related party notes, to satisfy
outstanding accrued payroll expenses to employees, including our
executive officers, and for working capital, capital expenditures
and general corporate purposes, including investing further in
research and development efforts.
Aegis Capital Corp. and Laidlaw & Company (UK) Ltd.
are acting as co-lead bookrunning underwriters of the
offering.
A registration statement on Form S-1 relating to the securities
being sold in this offering was declared effective by the
Securities and Exchange Commission (“SEC”) on December 7, 2021. The
offering is being made only by means of a prospectus. Copies of the
final prospectus may be obtained, when available, on the SEC’s
website, www.sec.gov, or by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 810 7th Avenue, 18th Floor, New
York, NY 10019, by email at syndicate@aegiscap.com, or by telephone
at (212) 813-1010.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About Cingulate®Cingulate Inc. is a
clinical-stage biopharmaceutical company utilizing its proprietary
Precision Timed Release™ (PTR™) drug delivery platform technology
to build and advance a pipeline of next-generation pharmaceutical
products, designed to improve the lives of patients suffering from
frequently diagnosed conditions characterized by burdensome daily
dosing regimens and suboptimal treatment outcomes. With an initial
focus on the treatment of Attention Deficit/Hyperactivity Disorder
(ADHD), Cingulate is identifying and evaluating additional
therapeutic areas where PTR technology may be employed to develop
future product candidates.
CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine)
are engineered using an innovative, versatile platform technology
that will enable the formulation and manufacturing of single-dose,
multi-release tablets designed to deliver a rapid onset and last
the entire active-day, while providing a controlled descent of drug
to optimize treatment. Cingulate’s formulation will be designed as
a once-daily, multi-release tablet with clear differentiation and
compelling advantages over current treatment options.
Cingulate is headquartered in Kansas City. For more information
visit Cingulate.com.
Forward-Looking Statements
This press release contains certain forward-looking statements,
including those relating to the anticipated timing of completion of
the offering and use of proceeds 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-harbor for
forward-looking statements. These statements may be identified by
the use of forward-looking expressions, including, but not limited
to, "expect," "anticipate," "intend," "plan," "believe,"
"estimate," "potential," "predict," "project," "should," "would"
and similar expressions and the negatives of those terms.
Prospective investors are cautioned not to place undue reliance on
such forward-looking statements, which speak only as of the date of
this press release. The Company undertakes no obligation to
publicly update any forward-looking statement, whether as a result
of new information, future events or otherwise. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements are set forth in the Company's
filings 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."
Contacts:
Investors Thomas Dalton Head of Investor &
Public Relations, CingulateTDalton@cingulate.com913-942-2301
Andy Brimmer / Amy Feng / Tim RagonesJoele Frank, Wilkinson
Brimmer Katcherabrimmer@joelefrank.com
afeng@joelefrank.comtragones@joelefrank.com 212-355-4449
MediaMelyssa WeibleElixir Health Public
Relationsmweible@elixirhealthpr.com201-723-5805
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