Markets

Biotech Carbylan Therapeutics revives IPO, cuts offer price to $5

Carbylan Therapeutics, which is developing a novel, injectable treatment for osteoarthritis pain in the knee, revived terms for its IPO on Monday.

The company, which had been looking to raise $75 million by offering 5.8 million shares at a price range of $12-$14 in January, is now seeking to raise $60 million by offering 12 million shares at $5 per share. At the midpoint of the revised range, Carbylan Therapeutics will raise 20% fewer proceeds than previously anticipated. Its proposed fully diluted market cap of $120 million is 43% lower than before.

Carbylan Therapeutics, which was founded in 2004, plans to list on the NASDAQ under the symbol CBYL. Leerink Partners is still the lead bookrunner on the deal.

The article Biotech Carbylan Therapeutics revives IPO, cuts offer price to $5 originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital, the Renaissance IPO ETF (symbol: IPO) or the Global IPO Fund (symbol: IPOSX) , may have investments in securities of companies mentioned.

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


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

Other Topics

IPOs

Latest Markets Videos

    Renaissance Capital

    Renaissance Capital is the global leader in providing pre-IPO institutional research and management of IPO-focused investment products.

    Learn More