Carbylan Therapeutics, which is developing a novel, injectable treatment for osteoarthritis pain in the knee, revived terms for its IPO on Monday.
The company, which had been looking to raise $75 million by offering 5.8 million shares at a price range of $12-$14 in January, is now seeking to raise $60 million by offering 12 million shares at $5 per share. At the midpoint of the revised range, Carbylan Therapeutics will raise 20% fewer proceeds than previously anticipated. Its proposed fully diluted market cap of $120 million is 43% lower than before.
Carbylan Therapeutics, which was founded in 2004, plans to list on the NASDAQ under the symbol CBYL. Leerink Partners is still the lead bookrunner on the deal.
