Stemline Therapeutics, a biotech developing treatments that target cancer stem cells and tumor bulk, cut the proposed deal size for its upcoming IPO. The New York, NY-based company now plans to raise $20 million by offering 1.8 million shares at a price range of $10.00 to $12.00. The company had previously filed to offer 3.5 million shares at a range of $11.00 to $13.00. At the midpoint of the revised range, Stemline Therapeutics will raise 52% fewer proceeds than previously anticipated.
Stemline Therapeutics, which was founded in 2003, plans to list on the NASDAQ under the symbol STML. The original deal was scheduled to price in late July before being postponed. The proposed deal would value the company at just under $60 million, down from the $128 million valuation Stemline previously sought. Aegis Capital Corp. is the lead bookrunner on the deal.
