Retension Pharmaceuticals (RTSN.US), a developer of hypertension drugs, announced the terms of its initial public offering on Monday.

The company plans to offer 3.3 million shares at a price range of $11 to $13 per share, aiming to raise $40 million. Based on the midpoint of the offering range, Retension would have a fully diluted market value of $108 million.

Founded in 2023, Retension is a clinical-stage biopharmaceutical company currently focused on developing a single product, RTN-001.

This is a once-daily oral PDE-5 inhibitor for the treatment of uncontrolled hypertension and resistant hypertension. First-generation PDE-5 inhibitors, such as Viagra, never achieved meaningful blood pressure reduction. The company believes this is because such drugs struggle to adequately penetrate the smooth muscle-rich central vasculature, while RTN-001 has been redesigned to improve bioavailability and increase its distribution in these tissues.

The drug was originally developed by Surface Logix and subsequently passed through Nano Terra, Kadmon and Sanofi, until the current team re-licensed it in 2023, bringing data from nine completed trials, including two Phase 2 trials.

The company initiated a Phase 2b dose-finding trial in October 2025, enrolling 280 patients. It has currently completed approximately 40% of patient enrollment and expects to report preliminary data in the first half of 2027.

Retension plans to list on the Nasdaq under the ticker symbol "RTSN," with Leerink Partners, Guggenheim Securities and Oppenheimer & Co. serving as joint underwriters for the transaction. Pricing is expected in the week of October 5, 2026.