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Insys Therapeutics decreases range, now plans to raise $36 million

Posted
5/2/2013 8:43:00 AM
By: Renaissance Capital
Referenced Stocks:INSY

Insys Therapeutics, which markets opioid and synthetic marijuana drugs for cancer pain and CINV, lowered the proposed deal size for its upcoming IPO on Thursday. The Phoenix, AZ-based company now plans to raise $36 million by offering 4 million shares at a price range of $8 to $10. The company had previously filed to offer 4 million shares at a range of $16 to $18. At the midpoint of the revised range, Insys Therapeutics will raise 47% fewer proceeds than previously anticipated.

Insys Therapeutics, which was founded in 1990 and booked $15 million in sales for the year ended December 31, 2012, plans to list on the NASDAQ under the symbol INSY. Wells Fargo Securities and JMP Securities are the joint bookrunners on the deal.