Trevena, a clinical-stage biotech developing treatments for pain and acute heart failure, lowered the proposed deal size for its upcoming IPO on Wednesday. The King of Prussia, PA-based company now plans to raise $60 million by offering 8.5 million shares at $7 per share. The company had previously filed to offer 5.8 million shares at a range of $12 to $14. At the midpoint of the revised range, Trevena will raise 21% fewer proceeds than previously anticipated.
Trevena, which was founded in 2007, plans to list on the NASDAQ under the symbol TRVN. Trevena initially filed confidentially on September 6, 2013. Barclays and Jefferies are the joint bookrunners on the deal. It is expected to price during the week of January 27, 2014.
