Alzheon, a Phase 3 biotech developing small molecule therapies for Alzheimer’s disease, lowered the proposed deal size for its upcoming IPO on Friday.
The Framingham, MA-based company now plans to raise $30 million by offering 6 million shares at a price range of $4 to $6. The company had previously filed to offer 2.5 million shares at a range of $13 to $15. At the midpoint of the revised range, Alzheon will raise 14% less in proceeds than previously anticipated.
Alzheon was founded in 2013 and plans to list on the Nasdaq under the symbol ALZH. ThinkEquity and H.C. Wainwright are the joint bookrunners on the deal.
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