Phase 2 cancer drug developer Starton Holdings (STA.US) prices IPO at $5-7 per share, aiming to raise $40 million.

Starton Holdings (STA.US) submitted an application to the U.S. Securities and Exchange Commission last Thursday, planning to raise up to 40 million dollars through an initial public offering. The company is focused on developing approved cancer drug formulations. It plans to raise 40 million dollars by issuing 6.7 million shares of stock at a price range of 5 to 7 dollars per share. Based on the proposed price range midpoint, the fully diluted market value would reach 262 million dollars. Starton Holdings is a biotechnology company in the phase II clinical trial stage, utilizing controlled-release technology to improve approved cancer treatment active ingredients approved by the FDA, using the FDA's 505(b)(2) regulatory pathway. The company focuses on hematological malignancies, with its flagship project "STAR-LLD" targeting multiple myeloma and chronic lymphocytic leukemia. The goal of STAR-LLD is to develop a subcutaneous and oral controlled-release formulation of lenalidomide (a generic version of Revlimid) to enhance treatment efficacy. The company is also exploring the potential combination of STAR-LLD with CAR-T therapy and expansion into other cancer types, including B-cell lymphomas and solid tumors. The company, headquartered in Paramus, New Jersey, was founded in 2017 and plans to list on the NASDAQ under the ticker symbol STA. The sole underwriter for this transaction is Revere Securities.