SCYNEXIS, a biotech developing treatments for life-threatening fungal infections, raised the proposed deal size for its upcoming IPO on Wednesday. The Durham, NC-based company now plans to raise $62 million by offering 6.2 million shares at $10 per share. The company had originally filed to offer 4.2 million shares at a range of $12 to $14, but revised its terms on April 2 to offer 7.3 million shares at $7 to $8. At the revised price, SCYNEXIS will raise 13% greater proceeds than previously anticipated. However, because of an additional reverse stock split in late April, the company will now command a market cap of $85 million, 60% less than its originally proposed market cap.
SCYNEXIS, which was founded in 1999, 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 April 28, 2014.
