The Zhitong Finance App learned that US hypertension drug developer Retention Pharmaceuticals (RTSN.US) announced its initial public offering (IPO) terms on Monday. The company plans to raise $40 million by issuing 3.3 million shares in the price range of $11 to $13 per share. Based on the midpoint of the issue price range, Retention will reach a market value of US$108 million after complete dilution.
Established in 2023, Retention is a clinical-stage biopharmaceutical company that currently focuses on developing a single product, RTN-001. This is a PDE-5 inhibitor that is taken orally once daily to treat uncontrolled hypertension and refractory hypertension. First-generation PDE-5 inhibitors, such as Viagra, have never been able to achieve meaningful hypotensive effects. The company believes the reason is that these drugs are difficult to fully penetrate the central vascular system rich in smooth muscle, and RTN-001 has been redesigned to improve bioavailability and increase its distribution in these tissues.
The drug was initially developed by Surface Logix, then went through Nano Terra, Kadmon, and Sanofi until the current team regained its license in 2023 and brought data from 9 completed trials, including two phase 2 trials. The company began a phase 2b dose exploration trial involving 280 patients in October 2025. Currently, about 40% of patients have been enrolled, and preliminary data is expected to be released in the first half of 2027.
Retention plans to list on NASDAQ under the ticker “RTSN,” with Leerink Partners, Guggenheim Securities, and Oppenheimer & Co. acting as co-underwriters for the deal. Pricing is expected for the week of October 5, 2026.