Hypertension drug developer Retension (RTSN.US) IPO priced at $11-13 per share, aims to raise $40 million.

U.S. hypertension drug developer Retension Pharmaceuticals (RTSN.US) announced the terms of its initial public offering (IPO) on Monday. The company plans to offer 3.3 million shares at a price range of $11 to $13 per share, aiming to raise $40 million. At the midpoint of the offering price range, Retension's fully diluted market capitalization would reach $108 million. Founded in 2023, Retension is a clinical-stage biopharmaceutical company currently focused on developing a single product, RTN-001. This is a once-daily oral PDE-5 inhibitor for the treatment of uncontrolled hypertension and resistant hypertension. First-generation PDE-5 inhibitors (such as Viagra) have never been able to achieve meaningful blood pressure reduction. The company believes this is because such drugs struggle to adequately penetrate the smooth muscle-rich central vasculature, and RTN-001 has been redesigned to improve bioavailability and increase its distribution in these tissues. The drug was originally developed by Surface Logix, then passed through Nano Terra, Kadmon, and Sanofi, until the current team re-licensed it in 2023, bringing with it data from 9 completed trials, including two Phase 2 trials. The company launched a 280-patient Phase 2b dose-finding trial in October 2025, with approximately 40% of patients currently enrolled, and expects to report preliminary data in the first half of 2027. Retension plans to list on the Nasdaq under the ticker symbol "RTSN," with Leerink Partners, Guggenheim Securities, and Oppenheimer & Co. serving as joint underwriters for the offering. Pricing is expected in the week of October 5, 2026.