Zynerba Pharmaceuticals, a preclinical biotech developing transdermal cannabinoid-based therapies, raised $42 million by offering 3 million shares at $14, the midpoint of the $13-$15 range. Perceptive Advisors, a biotech-focused hedge fund, has indicated an interest in purchasing up to $12 million on the offering (29% of the deal). At its offer price, Zynerba commands a fully-diluted market cap of $128 million and will have nearly $44 million in cash on its balance sheet.
Zynerba Pharmaceuticals will list on the Nasdaq under the symbol ZYNE. Jefferies and Piper Jaffray acted as lead managers on the deal
