Cingulate Inc. Announces Closing of Initial Public Offering
December 10 2021 - 11:00AM
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
closing 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 was 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.
Gross proceeds for the offering were approximately $25.0
million, before underwriting discounts and commissions and
estimated offering expenses. 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.
The Company 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. On
December 10, 2021, the Company issued warrants to purchase 624,999
shares of common stock 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 “CING” and “CINGW,” respectively,
on December 8, 2021.
Aegis Capital Corp. acted as lead book-running manager
and Laidlaw & Company (UK) Ltd. acted as co-bookrunning manager
for 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 was made only by means of a prospectus. 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 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 a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such 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 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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