Credit: Shutterstock photoMicrolin Bio, a diagnostic and therapeutics biotech researching microRNA and its role in oncology, lowered the proposed range and increased the shares offered for its upcoming IPO on Tuesday. The New York, NY-based company still plans to raise $30 million, but now by offering 6.0 million shares at a price range of $4.50 to $5.50, giving it a fully diluted market value of $51 million, 15% below its earlier downward revision.
Microlin Bio has exclusive licensing agreements with Ohio State University on a portolio of over 250 patents covering mircroRNAs. The company had originally filed in February to offer 3.6 million shares at a range of $6 to $8 ($54 million market cap) before it upsized the deal in April to 2.7 million shares at a range of $10 to $12 ($76 million market cap). Last week, Microlin Bio lowered its range but increased shares to still raise $30 million but with a 21% lower market cap ($59 million) before it announced a lower range today ($51 million).
Microlin Bio, which was founded in 2013, plans to list on the NASDAQ under the symbol MCLB. Brean Capital and Summer Street Research Partners are the joint bookrunners on the deal. It is expected to price tonight.
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.
