Oxygen therapy biotechnology company NuvOx Therapeutics (NUOX.US) applies for a US IPO, planning to raise $20 million.

NuvOx Therapeutics, a biopharmaceutical company in Phase II clinical trials, submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) last Friday, planning to raise up to $20 million. The company focuses on developing oxygen therapy drugs aimed at improving tissue hypoxia. According to the prospectus, NuvOx plans to issue 2.9 million shares at a price range of $6 to $8 per share. Based on the midpoint of the offering range, the company's fully diluted market value is approximately $98 million. NuvOx Therapeutics is a clinical-stage biopharmaceutical company, with its core pipeline NanO2 being an intravenous oxygen therapy drug based on perfluorodecalin, targeting diseases caused by tissue hypoxia. The company's most advanced indications are acute ischemic stroke and glioblastoma, with NanO2 completing Phase Ib/IIa trials and advancing to Phase IIb studies. A clinical trial for the stroke indication is currently ongoing in the UK. Additionally, the company is also exploring early-stage programs for acute respiratory distress syndrome (ARDS) and sickle cell anemia, the latter of which received FDA orphan drug designation in 2016 (glioblastoma received it in 2015). NanO2 has not yet received any regulatory approval, and there are no approved drug therapies for hypoxic states related to acute ischemic stroke, glioblastoma, or ARDS. Headquartered in Tucson, Arizona, NuvOx Therapeutics was founded in 2008 and generated $1 million in revenue in the past 12 months ending March 31, 2026. The company plans to list on the NYSE American under the ticker symbol "NUOX." The company submitted its application confidentially on December 23, 2024. ThinkEquity is the exclusive book manager for this offering.