TRACON Pharmaceuticals, a biotech developing combination therapies with VEGF inhibitors to treat cancers, raised $36 million by offering 3.6 million shares at $10, well below the $12 to $14 range. The company also sold 500,000 shares at the offer price to shareholder NEA in a concurrent private placement. Insiders have also indicated an interest in purchasing up to $8.2 million of the offering (23% of the deal size). At $10, TRACON commands a fully diluted market cap of $127 million. TRACON will list on the NASDAQ under the symbol TCON. Wells Fargo Securities and Stifel acted as lead managers on the deal.
