Motif Bio, a late-stage biotech developing antibiotics for multi-drug resistant bacteria, lowered the proposed deal size for its upcoming IPO on Monday.
The New York, NY-based company now plans to raise $24 million by offering 2.9 million shares at a price of $8.38. The company had previously filed to offer 2.1 million shares at $12.36. At the revised price, Motif Bio will raise 7% less in proceeds than previously anticipated.
Motif Bio was founded in 2003 and plans to list on the Nasdaq under the symbol MTFB. H.C. Wainwright is the sole bookrunner on the deal. It is expected to price during the week of November 14, 2016.
