Fate Therapeutics, an early clinical-stage biotech developing stem cell treatments for orphan diseases, lowered the proposed deal size for its upcoming IPO on Monday. The San Diego, CA-based company now plans to raise $47 million by offering 6.7 million shares at a price range of $6 to $8. The company had previously filed to offer 4.0 million shares at a range of $14 to $16. At the midpoint of the revised range, Fate Therapeutics would raise 22% fewer proceeds than previously anticipated.
Fate Therapeutics, which was founded in 2007 and booked $2 million in grant and collaboration revenue for the 12 months ended June 30, 2013, plans to list on the NASDAQ under the symbol FATE. Fate Therapeutics initially filed confidentially on June 20, 2013. Cowen & Company and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 30, 2013.
