Trevi Therapeutics, which is developing an extended-release version of an opioid for new indications, lowered the proposed deal size for its upcoming IPO on Monday.
The New Haven, CT-based company now plans to raise $55 million by offering 5.5 million shares at a price of $10. Insiders now intend to purchase $30 million worth of shares in the offering (55% of the deal). The company had previously filed to offer 4.7 million shares at a range of $14 to $16. At the midpoint of the revised range, Trevi Therapeutics will raise 21% less in proceeds than previously anticipated.
Trevi Therapeutics was founded in 2011 and plans to list on the Nasdaq under the symbol TRVI. SVB Leerink, Stifel and BMO Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of May 6, 2019.
