Processa Pharmaceuticals, which is developing an analog therapy for necrotic skin disease, announced terms for its IPO on Friday.
The Hanover, MD-based company plans to raise $20 million by offering 2.5 million shares at a price range of $7 to $9. At the midpoint of the proposed range, Processa Pharmaceuticals would command a market value of $64 million.
Processa Pharmaceuticals was founded in 2011 and booked plans to list on the Nasdaq under the symbol PCSA. It is currently listed on the OTCQB under the same ticker. No underwriter has been selected yet.
