Sun BioPharma, a clinical-stage biotech developing small molecule therapies for pancreatic cancer, announced terms for its IPO on Thursday.
The Waconia, MN-based company plans to raise $10 million by offering 1.1 million shares at $8.75, the last close of its shares on the OTCQB (SNBP). The company is also offering warrants to purchase 1.1 million shares at an assumed exercise price of $10.94 per share (125% of assumed offer price). Insiders intend to purchase $50,000 worth of shares and warrants in the offering. At the proposed price, Sun BioPharma would command a fully diluted market value of $88 million. Because of the warrants attached to its offering, Sun BioPharma is no longer eligible for tracking and will be excluded from RC stats.
Sun BioPharma was founded in 2011 and plans to list on the Nasdaq under the symbol SNBP. Craig-Hallum Capital Group is the sole bookrunner on the deal.
