Vascular Biogenics, which is developing gene therapies for cancer and small molecules for inflammation, raised $40 million by offering 6.7 million shares at $6, below the range of $13 to $15. Insiders planned to purchase 4.0 million shares (60% of the deal). Vascular Biogenics, which does business as VBL Therapeutics, previously priced its IPO at $12 per share on July 30, 2014, but the deal was nullified a week later after a major insider canceled a commitment to buy (shares had fallen 7%). Vascular Biogenics first listed on the NASDAQ under the symbol VBLX but now trades under the symbol VBLT. Shares dropped 3% to $5.85 on the first day of trading yesterday.
Deutsche Bank acted as the sole bookrunner. Wells Fargo, which was a bookrunner on the July pricing, was not listed on the latest filing.
