Ritter Pharmaceuticals, which is developing an oral therapy that reduces the symptoms of lactose intolerance, lowered the proposed offer price for its upcoming IPO on Friday.
The Los Angeles, CA-based company now plans to raise $20 million by offering 4 million shares at $5 per share. The company had previously filed to offer 1.82 million shares at a range of $10 to $12. Insiders still intend to invest up to $5 million on the IPO (25% of the deal).
Ritter Pharmaceuticals' market cap fell 45% to $39 million. The company's previous $69 million market cap included the effects of dilution, but insider options are no longer in the money. Per Renaissance Capital's $50 million market cap cutoff, we will no longer be tracking this IPO in our market stats.
Ritter Pharmaceuticals, which was founded in 2004, plans to list on the NASDAQ under the symbol RTTR. Aegis Capital and Chardan Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of June 22, 2015.
