Tranzyme, which is developing small molecule therapeutics to treat gastrointestinal disorders, lowered the proposed deal size for its upcoming IPO on Friday. The Durham, NC-based company now plans to raise $54 million by offering 13.5 million shares at an estimated price of $4 per share. The company had previously filed to offer 5 million shares at a range of $11 to $13. At the mid-point of the revised range, Tranzyme will raise -10% fewer proceeds than previously anticipated. Tranzyme, which was founded in 1998 and booked $9 million in sales last year, plans to list on the NASDAQ under the symbol TZYM. Citi is the lead underwriter on the deal, which is expected to price next week.
