Monopar Therapeutics, which is developing therapies for chemotherapy-induced mucositis and cancers, lowered its proposed deal size for the second time on Friday after postponing on November 7, 2019.
The Wilmette, IL-based company now plans to raise $10 million by offering 1.1 million shares at a price range of $8 to $10 to command a $100 million market cap. Insiders now intend to purchase $6 million worth of shares in the offering (60%). The company had previously filed to offer 2.2 million shares at a range of $8 to $10, with $8 million in insider buying, before postponing on November 7, 2019. Prior to that, the company had filed to offer 4.4 million shares at the same price range. At the midpoint of the range, Monopar Therapeutics' proposed deal size and market cap are $10 million less than previously anticipated.
Close peer Galera Therapeutics (GRTX) priced will below its proposed range in a November 2019 IPO, and now traded 24% below issue.
Monopar Therapeutics was founded in 2014 and plans to list on the Nasdaq under the symbol MNPR. Jones Trading and Arcadia Securities are the joint bookrunners on the deal. Aegis Capital was removed as a bookrunner in the latest filing. It is expected to price on Wednesday, December 18, 2019.
