Processa Pharmaceuticals, which is developing an analog therapy for necrotic skin disease, lowered the proposed deal size for its upcoming IPO on Thursday. In its latest filing
The Hanover, MD-based company now plans to raise $18 million by offering 2.2 million shares at $8.45, the September 15th close of its shares on the OTCQB (PCSA). The company had previously filed to offer 2.5 million shares at a range of $7 to $9. At the revised price, Processa Pharmaceuticals will raise -9% less in proceeds than previously anticipated.
Processa Pharmaceuticals was founded in 2011 and plans to list on the Nasdaq under the symbol PCSA. Craig-Hallum Capital Group and The Benchmark Company are the joint bookrunners on the deal.
