SCYNEXIS, a biotech developing treatments for life-threatening fungal infections, lowered the range for its upcoming IPO on Wednesday. The Durham, NC-based company now plans to raise $55 million by offering 7.3 million shares at a price range of $7 to $8. The company had previously filed to offer 4.2 million shares at a range of $12 to $14. At the low end of the revised range, SCYNEXIS would raise 7% fewer proceeds than previously anticipated.
SCYNEXIS, which was founded in 1999 and booked $17 million in revenue for the year ended December 31, 2013, plans to list on the NASDAQ under the symbol SCYX. RBC Capital Markets and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price during the week of March 31, 2014.
