Inotek Pharmaceuticals, a biotech developing a small molecule eye drop therapy to treat glaucoma, slashed the proposed price of its upcoming IPO on Tuesday.
The Lexington, MA-based company now plans to raise $40 million by offering 6.7 million shares at a price of $6 per share. It had previously filed to offer 4.6 million shares at a range of $13 to $15. At the revised price, Inotek will raise 38% less in proceeds than previously anticipated and command a fully diluted market value of $96 million, a 52% decrease.
Inotek Pharmaceuticals was founded in 1999 and plans to list on the NASDAQ under the symbol ITEK. Cowen & Company and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week.
