Tumor drug developer Actuate (ACTU.US) plans to reduce its IPO issuance by 50% to raise $25 million.

Actuate Therapeutics (ACTU.US) is a second-stage biotechnology company that is developing an inhibitor therapy for the treatment of cancer. Last Friday, the company reduced the proposed size of its upcoming IPO, with plans to issue 2.8 million shares at a price of $8 to $10 per share, raising $25 million. The company had previously applied to issue 5.6 million shares at the same price range. Based on the midpoint of the proposed range, Actuate is expected to raise 50% less funds than previously anticipated. Actuate Therapeutics focuses on developing therapies to treat highly impactful and difficult-to-treat cancers by inhibiting Glycogen Synthase Kinase-3 (GSK-3). The company has exclusive rights to a combination of GSK-3 inhibitors developed in collaboration with the University of Illinois at Chicago and Northwestern University. Their lead candidate drug, elraglusib (9-ING-41), is currently being evaluated in a randomized Phase 2 trial for patients with metastatic pancreatic cancer, with final results expected to be announced in the first quarter of 2015. Headquartered in Fort Worth, Texas, Actuate Therapeutics was founded in 2015 and plans to list on the Nasdaq under the ticker symbol ACTU. Titan Partners is the sole book-running manager for the transaction.