Sophiris Bio, which is developing a biologic to treat enlarged prostates, lowered its proposed IPO price on Thursday. The La Jolla, CA-based company now plans to raise $65 million by offering 13.0 million shares at a price of $5. The company had previously filed to offer 5.0 million shares at price of $13. The expected proceeds to Sophiris remain the same. Sophiris Bio, which was founded in 2002 and booked $5 million in sales for the 12 months ended 6/30/2013, plans to list on the NASDAQ under the symbol SPHS. Sophiris Bio initially filed confidentially on 12/7/2012. Citi and Leerink Swann are the joint bookrunners on the deal.
