Quotient, which is developing a diagnostics test for grouping and disease screening blood samples, lowered the proposed deal size for its upcoming IPO on Monday. The Midlothian, United Kingdom-based company now plans to raise $50 million by offering 5 million shares at a price range of $9 to $11. The company had previously filed to offer 5 million shares at a range of $14 to $16. At the midpoint of the revised range, Quotient will raise 33% fewer proceeds than previously anticipated.
Quotient, which was founded in 2007 and booked $19 million in sales for the fiscal year ended December 31, 2013, plans to list on the NASDAQ under the symbol QTNT. Quotient initially filed confidentially on January 22, 2014. UBS Investment Bank, Baird and Cowen & Company are the joint bookrunners on the deal. It is expected to price the week of April 14, 2014.
