Menlo Therapeutics, which is developing treatments for moderate to severe skin itch and chronic cough, raised the proposed deal size for its upcoming IPO on Tuesday.
The Redwood City, CA-based company now plans to raise $107 million by offering 6.5 million shares at a price range of $16 to $17. Insiders intend to purchase $40 million worth of shares in the offering. The company had previously filed to offer 5.7 million shares at a range of $14 to $16. At the high end of the revised range, Menlo Therapeutics will raise 30% more in proceeds than previously anticipated.
Menlo Therapeutics was founded in 2011 and booked $2 million in sales for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol MNLO. Jefferies, Piper Jaffray and Guggenheim Securities are the joint bookrunners on the deal. It is expected to price during the week of January 22, 2018.
