Alto Neuroscience's (“Alto”) (ANRO) IPO opened for trading at $22 after earlier pricing its upsized initial public offering of 8,040,000 shares of common stock at a public offering price of $16.00 per share.
The aggregate gross proceeds to Alto from the offering are expected to be approximately $128.6 million before deducting underwriting discounts and commissions and other offering expenses payable by Alto.
Alto Neuroscience is a clinical-stage biopharmaceutical company with a mission to redefine psychiatry by leveraging neurobiology to develop personalized and highly effective treatment options. Alto's Precision Psychiatry Platform™ measures brain biomarkers by analyzing EEG activity, neurocognitive assessments, wearable data, and other factors to better identify which patients are more likely to respond to Alto product candidates. Alto’s clinical-stage pipeline includes novel drug candidates in depression, PTSD, schizophrenia, and other mental health conditions.