Oral Ingestible Pill Developer Rani Therapeutics Prices IPO At $11/Share

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Rani Therapeutics, founded in 2012, is making its debut on the Nasdaq Global Market today (July 30), under ticker symbol "RANI."

The Waltham, Massachusetts Rani Therapeutics Inc. is a clinical-stage biotherapeutics company, which has developed the RaniPill robotic drug delivery capsule, intended to replace subcutaneous or IV injection of biologics with oral dosing for various drug treatments.

The RaniPill capsule moves through the stomach intact and then reaches the intestine where it delivers the drug into the intestinal wall.

The company has offered to sell 6.67 million shares of Class A common stock at in the Initial Public Offering (IPO) at a price of $11 each. The underwriters have a 30-day option to purchase up to 1.0 million additional shares of Class A common stock.

The aggregate gross proceeds are expected to be $73.3 million. The offering is scheduled to close on August 3, 2021.

Underwriters of the IPO:

BofA Securities, Inc., Stifel, Nicolaus & Company, Incorporated, Cantor Fitzgerald & Co. and Canaccord Genuity LLC, BTIG LLC

Pipeline and Near-term Catalysts:

The company's pipeline includes five core product candidate programs namely RT-101, RT-105, RT-102, RT-109 and RT-110.

RT-101, for oral administration of octreotide for acromegaly and NETs, completed a Phase 1 clinical trial, which supports the utility of the RaniPill capsule to deliver octreotide orally. Octreotide is currently approved by the FDA and EMA for the symptomatic treatment of acromegaly and carcinoid syndrome, a condition involving NETs of the GI tract.

RT-105 as an oral anti-TNF-alpha antibody for the treatment of psoriasis, rheumatoid arthritis and Crohn's disease. The company expects to initiate a phase 1 clinical trial of RT-105 in healthy volunteers in 2023 and develop it for the treatment of psoriatic arthritis.

RT-102, currently under preclinical studies, for oral administration of Parathyroid hormone or PTH for the treatment of osteoporosis, and the initiation of phase 1 clinical trial in healthy volunteers is expected in 2022.

RT-109, in preclinical testing, for oral administration of hGH for the treatment of growth hormone deficiency, for which the initiation of Phase 1 clinical trial in healthy volunteers is expected in 2022.

RT-110, for oral administration of a novel formulation of Parathyroid hormone for the treatment of hypoparathyroidism, is in the formulation stage.

RT-103, for oral administration of a GLP-1 mimetic for the treatment of Type 2 diabetes, under preclinical stage.

RT-106 for oral administration of basal insulin for the treatment of Type 2 diabetes, also under preclinical testing.

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