Gemphire Therapeutics, which is developing a novel nonstatin therapy to treat high cholesterol, lowered the proposed deal size for its upcoming IPO on Thursday.
The Northville, MI-based company now plans to raise $30 million by offering 3.0 million shares at a price of $10. The company had previously filed to offer 3.75 million shares at a range of $11 to $13. At the midpoint of the revised range, Gemphire Therapeutics will raise 33% less in proceeds than previously anticipated.
Gemphire Therapeutics was founded in 2008 and plans to list on the Nasdaq under the symbol GEMP. Jefferies and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during this week.
