Anebulo Pharmaceuticals Completes $21M Initial Public Offering
Olshan Frome Wolosky LLP acted as counsel to Anebulo Pharmaceuticals, Inc., a clinical-stage biotechnology company developing novel solutions for people suffering from cannabinoid overdose and substance addiction, in its $21 million initial public offering and listing on The Nasdaq Capital Market under the symbol ANEB. The offering consisted of 3,000,000 shares of Anebulo’s common stock at a price to the public of $7.00 per share. The underwriters also have been granted a 30-day option to purchase up to an additional 450,000 shares of common stock from Anebulo at the initial public offering price, less underwriting discounts and commissions. The Benchmark Company, LLC served as the sole book running manager for the offering. Anebulo’s lead product candidate, ANEB-001, is intended to reverse the negative effects of cannabinoid overdose within one hour of administration. Clinical trials completed to date have shown that ANEB-001 is rapidly absorbed, well tolerated and leads to weight loss, an effect that is consistent with central cannabinoid receptor type 1 antagonism.
The Olshan team was led by corporate partner Spencer G. Feldman and included corporate partner Kenneth A. Schlesinger and corporate associate Zachary E. Freedman.