IPOs

Nano-cap oncology biotech Sun BioPharma slashes valuation by 48% ahead of $11 million Nasdaq uplisting

Sun BioPharma, a clinical-stage biotech developing small molecule therapies for pancreatic cancer, revised the terms of its upcoming IPO on Thursday.

The Waconia, MN-based company now plans to raise $11 million by offering 2.1 million shares at $5, below the last close of its shares on the OTCQB (SNBP). The company had previously filed to offer 1.1 million shares at $8.75, before revising terms yesterday increasing its share offering to 2 million shares at $5. The company is also offering warrants to purchase 2.1 million shares at an assumed exercise price of $6.25 per share (125% of assumed offer price). At the revised price, Sun BioPharma will command a market value of $46 million, a 48% cut from its original terms. Because it is offering warrants and its market cap is less than $50 million, Sun BioPharma will be excluded from RC stats. 

Sun BioPharma was founded in 2011 and plans to list on the Nasdaq under the symbol SNBP. Craig-Hallum Capital Group is the sole bookrunner on the deal.

The article Nano-cap oncology biotech Sun BioPharma slashes valuation by 48% ahead of $11 million Nasdaq uplisting 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's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts 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.

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