Endocyte, which is developing EC145 (entering Phase III) for the treatment of ovarian cancer, has modified terms again for its upcoming IPO on Friday. The West Lafayette, IN-based company now plans to raise $75 million by offering 12.5 million shares at an estimated price of $6 per share. The company had originally expected to sell 5.35 million shares at a range of $13 to $15 before filing an amendment yesterday, boosting the number of shares to be offered to 10.7 million shares and slashing the estimated offer price to $7 per share. The company's anticipated net proceeds of $68 million remains unchanged after both amendments. Endocyte, which was founded in 1995 and has yet to generate product revenue, plans to list on the NASDAQ under the symbol ECYT. RBC Capital Markets and Leerink Swann are the lead underwriters on the deal.
