Spring Bank Pharmaceuticals, which is developing small molecule therapies for hepatitis B and viral diseases, lowered the proposed deal size for its previously postponed IPO on Wednesday.
The Hopkinton, MA-based company now plans to raise $15 million by offering 1.2 million shares at a price range of $12 to $14. Insiders intend to purchase $8 million worth of shares in the offering. The company had previously filed to offer 2.9 million shares at a range of $13 to $15. At the midpoint of the revised range, Spring Bank Pharmaceuticals will raise -63% less in proceeds than previously anticipated.
Spring Bank Pharmaceuticals was founded in 2002. It plans to list on the Nasdaq under the symbol SBPH. Dawson James is the sole bookrunner on the deal. The deal is expected to price on May 5, 2016.
