Vital Therapies, which is developing bio-artificial liver cells for treatment of acute liver failure, lowered the proposed deal size for its upcoming IPO on Monday. The San Diego, CA-based company now plans to raise $63 million by offering 4.5 million shares at a price range of $13.00 to $15.00. The company had previously filed to offer 4.4 million shares at a range of $16 to $18 but postponed its deal in November 2013. At the midpoint of the revised range, Vital Therapies would raise 16% fewer proceeds than previously anticipated.
Vital Therapies, which was founded in 2003, plans to list on the NASDAQ under the symbol VTL. The company initially filed confidentially on July 22, 2013. BofA Merrill Lynch and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of April 14, 2014.
