Tiziana Life Sciences, which is developing antibody therapies to combat NASH, Crohn's disease, MS, and cancer, lowered the proposed deal size for its upcoming Nasdaq IPO on Thursday. The company is listed on the AIM under the ticker TILS.
The London, United Kingdom-based company now plans to raise $10 million by offering 1.0 million ADSs at a price of $9.90. Additionally, each ADS now represents 10 ordinary shares, instead of 7. On an as-converted basis, the company had previously filed to offer 1.1 million ADSs at $14.64. At $9.90, Tiziana Life Sciences will raise 38% less in proceeds than previously anticipated, and command a market cap of about $150 million, down almost 30% from its last filing.
The new ADS offer price translates to £0.77 per ordinary share, compared to a last close of £1.315 for the company's AIM-listed shares on Wednesday; however, shares are down about 20% from that level intra-day.
Tiziana Life Sciences was founded in 1998 and plans to list on the Nasdaq under the symbol TLSA. Laidlaw & Company (UK) is the sole bookrunner on the deal.
