Retension Pharmaceuticals plans to sell 3.3 million shares at between $11 and $13 each in its initial public offering.

At the $12 midpoint of that price range, the Falls Church, Va., clinical-stage biopharmaceutical company said it expects net proceeds of about $33.8 million, or around $39.4 million if the underwriters exercise an option to buy an additional 495,000 shares.

Retension, which is focused on developing medicines for the treatment of hypertension and other cardiovascular diseases, said it expects the proceeds, coupled with its existing resources, will be sufficient to fund its operating expenses and capital-spending needs through at least the next 21 months.

Retension said it would have about 8.38 million shares outstanding after the IPO and private placement, assuming an exercise of the overallotment option, for a market capitalization of about $100.5 million at the $12-a-share pricing midpoint.

The company said it has applied to list its shares on the Nasdaq Capital Market under the symbol RTSN.