Cancer drug developer Starton (STA.US) prices IPO at $5-7 per share, with reduced fundraising size of 25% to $30 million.

Cancer drug developer Starton Holdings lowered the planned size of its upcoming initial public offering (IPO) on Tuesday. The company now plans to issue 5 million shares at a price of $5-7 per share, raising $30 million, a 25% decrease from the previous planned fundraising size of 6.7 million shares at the same price range. The company plans to list on the Nasdaq under the ticker symbol "STA". Starton was founded in 2017 and is a biotechnology company in Phase II clinical trials, focusing on improving and developing approved anti-cancer active ingredients by the U.S. Food and Drug Administration (FDA) through continuous drug delivery technology and advancing product approval through the FDA 505(b)(2) regulatory pathway. The company currently focuses on hematological malignancies, with its core project STAR-LLD targeting multiple myeloma and chronic lymphocytic leukemia. STAR-LLD aims to develop subcutaneous and orally controlled-release formulations of lenalidomide, a generic version of the blockbuster cancer drug Revlimid. The project aims to improve treatment outcomes by enhancing drug delivery. The company is also exploring the potential of combining STAR-LLD with CAR-T therapy and plans to expand its application to other cancer types, including B-cell lymphomas and solid tumors.