Quotient, which is developing a diagnostics test for grouping and disease screening blood samples, lowered the proposed deal size for its upcoming IPO on Wednesday. The Midlothian, United Kingdom-based company now plans to raise $40 million by offering 5.0 million shares at a price of $8, along with attached warrants to purchase 4 million shares at $8.80 per share. The company originally filed to offer 5.0 million shares at a price range of $14 to $16 and previously cut the range to $9 to $11 on April 14. The expected proceeds are 47% less than the $75 million initially sought. Quotient, which was founded in 2007 and booked $19 million in sales for the 12 months ended 12/31/2013, plans to list on the NASDAQ under the symbol QTNT. Quotient initially filed confidentially on 1/22/2014. UBS Investment Bank, Baird and Cowen & Company are the joint bookrunners on the deal.
