BeyondSpring, which is developing a cancer therapy to combat the loss of white blood cells, lowered the proposed deal size for its upcoming IPO on Wednesday.
The New York, NY-based company now plans to raise $3 million by offering 0.1 million shares at a price range of $20 to $22. The company had previously filed to offer 0.5 million shares at a range of $20 to $22. At the midpoint of the revised range, BeyondSpring will raise -70% less in proceeds than previously anticipated, and command a market value of $453 million (<1% float).
BeyondSpring was founded in 2014 and plans to list on the Nasdaq under the symbol BYSI. Rodman & Renshaw is the sole bookrunner on the deal. It is expected to price during the week of March 6, 2017.
