ORIC Pharmaceuticals, a Phase 1 biotech developing small molecule therapies for treatment-resistant cancers, increased the proposed share offering for its upcoming IPO on Thursday.
The South San Francisco, CA-based company now plans to raise $94 million by offering 6.3 million shares at a price range of $14 to $16. The company had previously filed to offer 5 million shares at the same range. At the midpoint of the range, ORIC Pharmaceuticals will raise 25% more in proceeds than previously anticipated to command a fully diluted $443 million market cap.
ORIC Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol ORIC. J.P. Morgan, Citi, Jefferies, and Guggenheim Securities are the joint bookrunners on the deal. It is still expected to price during the week of April 20, 2020.
