Chinese healthcare solution provider Pheton Holdings issued 2.25 million shares at a price of $4 per share (the lower end of the $4-5 price range), raising $9 million.
According to the Zhongtong Finance APP, Pheton Holdings, a Chinese healthcare solution provider that offers treatment planning systems for cancer radiation therapy, has issued 2.25 million shares at a price of $4 per share (the lower end of the $4-5 price range), raising $9 million. Pheton Holdings is listed on the NASDAQ with the stock code PTHL. The company previously filed in October 2023, planning to issue 2.5 million shares.
Through its Chinese operation entity, Pheton Holdings primarily sells Treatment Planning Systems (TPS) for killing cancer cells and shrinking tumors through close-range radiation therapy. Their flagship product, Pheton Treatment Planning Software (FTTPS), includes TPS for treating various malignant tumors and can be customized to enable 3D printing and other functions. The company states that during the surgical process, FTTPS can identify target volumes, prescription doses, and dose constraints to protect organs at risk (OARs), and develop safe, effective, and accurate dose distribution plans for cancer patients undergoing close-range radiation therapy.
Pheton Holdings is headquartered in Beijing, China and was established in 1998. For the 12 months ending December 31, 2023, their revenue was $0.6 million. Cathay Securities is the sole bookrunner for this transaction.