Retension Pharmaceuticals, Inc. Common Stock

Retension Pharmaceuticals priced its upsized IPO at $12 per share. The clinical-stage biopharmaceutical company, which develops treatments for hypertension and other cardiovascular diseases, expects to raise $45M in gross proceeds from the offering of 3.75M newly issued shares. Underwriters have been granted a 30-day option to purchase an additional 562,500 shares at the IPO price. The shares are expected to begin trading on the Nasdaq Capital Market on October 9, with the offering expected to close around October 13. Retension plans to use the net proceeds, together with existing cash, to complete the Phase 2b clinical trial of its lead candidate, RTN-001, for uncontrolled hypertension and to prepare for a planned Phase 3 trial, with the remaining funds supporting general corporate purposes and operating expenses. RTN-001 is a next-generation PDE5 inhibitor being developed under an exclusive worldwide license from Sanofi.