Retension Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company seeking to list on the Nasdaq Capital Market under the ticker RTSN, filed an amended Form S-1 for an initial public offering of 3.3 million shares at an anticipated price of USD 11 to USD 13 per share.
At the USD 12 midpoint, the offering would generate gross proceeds of USD 39.6 million and estimated net proceeds of approximately USD 33.8 million. Retension has granted the underwriters an option to purchase up to an additional 495,000 shares. Leerink Partners, Guggenheim Securities, and Oppenheimer & Co. are serving as lead book-running managers.
Retension said it plans to use approximately USD 18 million of the proceeds to complete an ongoing Phase IIb trial of RTN-001 in uncontrolled hypertension and approximately USD 10 million to prepare for a planned Phase III study, with the remainder allocated to general corporate purposes.
RTN-001 is a once-daily oral small-molecule phosphodiesterase-5 (PDE-5) inhibitor designed to lower blood pressure by potentiating nitric oxide-cGMP signaling. Retension said the candidate was engineered to achieve greater distribution into cardiovascular smooth muscle tissues than first-generation PDE-5 inhibitors, which have not produced consistent clinically meaningful reductions in systemic blood pressure.
The ongoing randomized, double-blind, placebo-controlled Phase IIb dose-ranging trial is evaluating three doses of RTN-001 in adults with uncontrolled hypertension receiving two to five concomitant antihypertensive medications. The study began in October 2025, and Retension expects to report results in H1 2027.