Adhera Therapeutics files for Nasdaq uplisting, $35M offering (OTCMKTS:ATRX)

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Financial term abbreviation IPO standing for Initial Public Offering on blue cube corner

Adhera Therapeutics files for Nasdaq uplisting, $35M offering (OTCMKTS:ATRX)


Adhera Therapeutics (OTCQB:ATRX), which is developing therapies for Parkinson’s disease and diabetes, has filed to uplist its shares to Nasdaq and raise around $35M through a public offering.

The biotech group didn’t disclose in its filing the price and number of shares to be offered, but indicated in its filing fee schedule that it was looking to raise up to $35M through the sale of shares and warrants.

Adhera’s shares are currently traded OTC under the symbol ATRX. The company is seeking to uplist them to Nasdaq. Aegis Capital is serving as lead bookrunner.

In September, Adhera conducted a 1-for-20 reverse stock split.

Originally name Nastech, Adhera is developing small molecule drugs for the treatment of Parkinson’s disease and Type 1 diabetes. The products, which are in clinical testing, are licensed from Melior Pharmaceuticals I and II.

The company is currently operating in the red. For the nine months ended Sept. 30, Adhera reported a net loss of $1.8M with no revenue.

In September, Adhera announced that it had appointed one of its directors, Zahed Subhan, as chairman and chief executive, succeeding Andrew Kucharchuk, who assumed the new positions of co-chairman and chief operating officer.

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