Avenue Therapeutics, which is a Fortress Biotech spinoff developing an IV formulation of the opioid tramadol, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $30 million by offering 5 million shares at a price range of $5 to $7. The company had previously filed to offer 5 million shares at a range of $9 to $11. At the midpoint of the revised range, Avenue Therapeutics will raise -40% less in proceeds than previously anticipated.
Avenue Therapeutics was founded in 2015 and it plans to list on the Nasdaq under the symbol ATXI. Oppenheimer & Co. is the sole bookrunner on the deal.
