AcelRx, a biotech developing a Phase 3 treatment for acute post-operative pain, lowered the proposed deal size for its upcoming IPO on Wednesday. The Redwood City, CA-based company now plans to raise $40 million by offering 8 million shares at an estimated offer price of $5 per share. The company had previously filed to offer 5.8 million shares at a range of $12 to $14. At the mid-point of the revised range, AcelRx will raise -47% fewer proceeds than previously anticipated. AcelRx, which was founded in 2005 and has yet to generate product revenue, plans to list on the NASDAQ under the symbol ACRX. Piper Jaffray is the lead underwriter on the deal, which is expected to price later this week.
