Carbylan Therapeutics, which is developing a novel, injectable treatment for osteoarthritis pain in the knee, raised $65 million in an upsized IPO by offering 13 million shares (all primary) at $5. Carbylan originally planned to raise $75 million at a $211 million market cap in January, but postponed its IPO before revising its terms on Monday, with plans to offer 12 million shares at $5. The company also added insider buying representing 2.7 million shares, or 21% of the deal size.
At its $5 offer price, Carbylan commands a fully diluted market cap of $125 million and has $65 million in cash on its balance sheet. Carbylan Therapeutics will list on the NASDAQ under the symbol CBYL. Leerink Partners acted as the lead manager on the deal.
