Kiromic BioPharma, a preclinical biotech developing immunotherapies for blood cancers and solid tumors, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also added Paulson Investment as an underwriter.
The Houston, TX-based company now plans to raise $15 million by offering 1.2 million shares at a price range of $12 to $14. The company had previously filed to offer 1.9 million shares at the same range. At the revised deal size, Kiromic BioPharma will raise -40% less in proceeds than previously anticipated to command a market value of $95 million.
Kiromic's pipeline consists of four early-stage product candidates targeting blood cancers and solid tumors. Kiromic utilizes its proprietary target discovery platform, Diamond, to identify new cancer immunological targets for T cells and B cells. The company is also developing a non-viral gene editing mechanism, called ABBIE (A Binding-Based Integrase Enzyme), for delivering its product candidates.
Kiromic BioPharma was founded in 2006 and plans to list on the NYSE American under the symbol KRBP. ThinkEquity is the sole bookrunner on the deal.
