Anacor Pharmaceuticals, which is developing treatments for nail fungus and psoriasis using boron-based chemistry, lowered the proposed deal size for its upcoming IPO on Tuesday. The Palo Alto, CA-based company now plans to raise $60 million by offering 12 million shares at an estimated price of $5 per share. The company had previously filed to offer 4.7 million shares at a range of $16-$18. At the mid-point of the revised range, Anacor Pharmaceuticals will raise -25% fewer proceeds than previously anticipated. According to the SEC amendment, certain shareholders have expressed interest in purchasing $17 to $22 million of stock on the offering. In addition to modifying the terms of its upcoming deal, the biotech announced a concurrent VC financing round of $10 million from venture backer Venrock. Anacor Pharmaceuticals, which was founded in 2000 and booked $15 million in sales for the 12 months ended June 30, plans to list on the NASDAQ under the symbol ANAC. Citi and Deutsche Bank Securities are the lead underwriters on the deal, which is expected to price this week.
