Early-stage microRNA biotech Microlin Bio adds warrants ahead of its upcoming IPO


Microlin Bio, a diagnostic and therapeutics biotech researching microRNA and its role in oncology, added warrants to the company's offering on Thursday. It now plans to raise $28 million by offering 5.5 million units at a range of $4.50 to $5.50. The units will consist of one share of stock and one warrant to purchase one share at a price of $6, to be exercised within five years of the offering, which is now planned for next week. The company's market cap remains unchanged at $51 million.

The latest filing represents the fourth time Microlin Bio has revised the terms of its IPO, first raising the proposed market cap by 40% and then adjusting it back down. It previously planned to raise $30 million by offering 6.0 million common shares at a price range of $4.50 to $5.50.

The IPO market's appetite for biotechs has ebbed and flowed this year as investors balance the risks of an early stage company with potential benefits, which, along with its size, could explain the multiple term revisions. The only IPO this year to add warrants so close to its pricing date was Quotient Therapeutics ( QTNT ), which initially traded poorly but today rose 6% and above its IPO price, though still below its warrants' strike price.

Microlin Bio, which was founded in 2013, plans to list on the NASDAQ under the symbol MCLB. The company has exclusive licensing agreements with Ohio State University on a portolio of over 250 patents covering mircroRNAs. Brean Capital and Summer Street Research Partners are the joint bookrunners on the deal. It is expected to price the week of July 7, 2014.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: News Headlines , IPOs

Referenced Stocks: QTNT , MCLB

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