BioPharmX, which is developing therapies for fibrocystic breasts and acne, lowered the proposed deal size for its upcoming IPO on Tuesday. It also disclosed financial results for the three months ended April 30, 2015.
The Menlo Park, CA-based company now plans to raise $10 million by offering 3.3 million shares at a price range of $2.75 to $3.25. The company had previously filed to offer 5.0 million shares at $3.45. At the midpoint of the revised range, BioPharmX will raise -42% less in proceeds than previously anticipated. Its proposed market cap fell 19% to $68 million ($57 million enterprise value). The company's stock is thinly traded on the OTCQB Marketplace under the symbol BPMX.
Primary shareholders include CEO James Pekarsky (12%), President Anja Krammer (12%), Korea Investment Partners (KIP; 10%), Kin Chan (6%) and Leonid Frenkel (5%). KIP has agreed to purchase 1.1 million shares in a concurrent private placement for $2.0 million, or $1.85 per share.
BioPharmX, which was founded in 2010, plans to list on the NYSE MKT under the symbol BPMX. CRT Capital Group is the sole bookrunner on the deal. It is expected to price during June.
