Irvine-based AtheroNova Inc. has filed papers with the Securities and Exchange Commission to sell $15 million worth of common stock and move its listing to the New York Stock Exchange.
AtheroNova is working on drugs to treat atherosclerosis, which is caused by the buildup of several substances into plaques. Its lead compound, AHRO-001, is derived from bile salts, which are naturally found in the liver and help break down fat in digestion.
The device maker’s shares currently trade on the low-profile OTCQB exchange with a recent market value of $15.2 million.
AtheroNova said in its filing that will not go forward with the stock offering if its application to move to the NYSE is denied.