Rani Therapeutics, which develops ingestible capsules for oral dosing of medication, raised $73 million by offering 6.7 million shares at $11, below the range of $14 to $16.
Rani Therapeutics is a clinical stage biotherapeutics company advancing technologies to enable the development of orally administered biologics, which it believes has the potential to transform medicine and improve patient outcomes. Rani Therapeutics has developed the RaniPill capsule, a novel, proprietary, and patented platform technology, intended to replace subcutaneous or IV injection of biologics with oral dosing.
Rani Therapeutics plans to list on the Nasdaq under the symbol RANI. BofA Securities, Stifel, Cantor Fitzgerald, and Canaccord Genuity acted as joint bookrunners on the deal.
