Eton Pharmaceuticals, which is developing liquid formulations of various approved drugs, raised $21.6 million by offering 3.6 million shares at $6, as expected. At the IPO price, Eton commands a fully diluted market value of $113 million.
Eton was previously a subsidiary of Imprimis Pharmaceuticals (Nasdaq: IMMY), now its largest shareholder.
Eton Pharmaceuticals plans to list on the Nasdaq under the symbol ETON. National Securities acted as a lead manager on the deal.
