GH Research, a Dublin-based company studying the potential of 5-MeO-DMT for the treatment of psychiatric and neurological disorders, is now listing its stock on the Nasdaq under the symbol “GHRS” after opening for trading on Friday, July 2 at $22.
The company had an IPO of 10 million shares at an initial price of $16 per share for total proceeds of approximately $160 million.
The company said that its initial focus is on developing the novel and proprietary 5-Methoxy-N, N-Dimethyltryptamine, or 5-MeO-DMT, therapies for the treatment of patients with Treatment-Resistant Depression, or TRD. The portfolio currently includes GH001, our proprietary inhalable 5-MeO-DMT product candidate, and GH002, our proprietary injectable 5-MeO-DMT product candidate. It has completed a Phase 1 healthy volunteer clinical trial, in which administration of GH001 via inhalation was observed to be well tolerated at the investigated single dose levels and in an individualized dosing regimen with intra-subject dose escalation.
GH001 is currently being investigated in the Phase 2 part of an ongoing Phase 1/2 clinical trial in patients with TRD. Based on observed clinical activity, The company said it believes that administration of a single dose of GH001 has the potential to induce ultra-rapid remissions as measured by the Montgomery-Åsberg Depression Rating Scale, or MADRS, in certain patients. The goal of the ongoing Phase 2 part of the trial is to assess whether an individualized dosing regimen with intra-subject dose escalation within a single day can further increase the MADRS remission rate as compared to a single GH001 dose.
GH Research closed a series B financing round for $125 million in April, which allowed it to move to a Phase 1/2 clinical trial testing the product in patients with treatment-resistant depression. The financing was co-led by RA Capital and RTW Investments, LP, U.S.-based biopharmaceutical investment firms, alongside existing investor BVF Partners. Other new investors in the Series B round included Acuta Capital Partners, Boxer Capital, Cormorant Asset Management, Deerfield Management Company, Logos Capital, Surveyor Capital (a Citadel company), Venrock Healthcare Capital Partners, and Verition Fund Management.