Non-opioid pain drug developer Melt Pharmaceuticals (NYSEARCA:MELT) has filed for a proposed $15M initial public offering.
While Melt’s filing didn’t state the number or price range of the shares to be offered, an accompanying filing fee schedule indicated it was seeking to raise up to $15M. Aegis Capital is serving as lead bookrunner.
Melt hopes to list its shares on Nasdaq under the symbol MELT.
Based in Tennessee, Melt has developed fast-dissolving tablet formulations of non-opioid sedatives such as ketamine and midazolam. Melt’s lead product, MELT-300, is an orally administered combination of ketamine and midazolam for use as a sedative and analgesic during cataract surgery. The product is currently in Phase 2 testing.
A development stage company, Melt reported a net loss of $6.5M and no revenue for the six months ended June 30, 2022.