Neos pulls off a $72M IPO to push its ADHD drugs forward

Texas biotech Neos Therapeutics ($NEOS) cleared $72 million in an IPO, raising cash to develop some reformulated takes on existing drugs for ADHD. The company priced 4.8 million shares at $15 each, in the middle of its expected range. Neos set aside another 720,000 for its underwriters to cover overallotments, giving it a maximum deal value of more than $83 million. With the proceeds, Neos plans to get a trio of extended-release, orally dissolving treatments on the market. Its lead candidate, containing the same active ingredient as Ritalin, is up for an FDA decision in November, and Neos plans to submit its two amphetamine-based treatments for approval later this year. Release

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