IPOs

Skin disease biotech Processa Pharmaceuticals lowers deal size ahead of $18 million Nasdaq uplisting

Processa Pharmaceuticals, which is developing an analog therapy for necrotic skin disease, lowered the proposed deal size for its upcoming IPO on Thursday. In its latest filing 

The Hanover, MD-based company now plans to raise $18 million by offering 2.2 million shares at $8.45, the September 15th close of its shares on the OTCQB (PCSA). The company had previously filed to offer 2.5 million shares at a range of $7 to $9. At the revised price, Processa Pharmaceuticals will raise -9% less in proceeds than previously anticipated.

Processa Pharmaceuticals was founded in 2011 and plans to list on the Nasdaq under the symbol PCSA. Craig-Hallum Capital Group and The Benchmark Company are the joint bookrunners on the deal.

The article Skin disease biotech Processa Pharmaceuticals lowers deal size ahead of $18 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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