Cara Therapeutics, a clinical-stage biotech developing novel opioid pain medication, announced terms for its IPO on Friday. The Shelton, CT-based company plans to raise $60 million by offering 5.0 million shares at a price range of $11 to $13. At the midpoint of the proposed range, Cara Therapeutics would command a market value of $262 million.
Cara Therapeutics, which was founded in 2004 and booked $11 million in grant and collaboration revenue for the 12 months ended September 30, 2013, plans to list on the NASDAQ under the symbol CARA. Cara Therapeutics initially filed confidentially on October 4, 2013. Stifel and Piper Jaffray are the joint bookrunners on the deal.
