BioPharmX, which is developing therapies for fibrocystic breasts and acne, announced terms for its public offering on Monday.
The Menlo Park, CA-based company plans to raise $17 million by offering 5 million shares at $3.45, its current price on the OTCQB exchange. The company trades under the symbol BPMX with low liquidity. At $3.45, BioPharmX would command a fully diluted market value of $84 million and an enterprise value of $65 million.
BioPharmX, which was founded in 2010, plans to list on the NYSE/Amex under the symbol BPMX. CRT Capital Group is the sole bookrunner on the deal. Timing was not disclosed.
