City Therapeutics to Offer 9.7 Million Shares in US IPO
MT Newswires Live
Yesterday
City Therapeutics filed a registration statement with the US Securities and Exchange Commission Friday for a proposed initial public offering of 9.7 million common shares, estimated to be priced at between $17 and $19 apiece.
The company said it expects to raise net proceeds of $158.3 million from the offering. Proceeds could reach $182.7 million if underwriters exercise their option to buy an additional 1.5 million shares.
City Therapeutics said it expects to use the proceeds to fund clinical trials, including for the treatment of Stargardt disease.
The company said it has applied to list its stock on the Nasdaq Global Market under the "CTY" ticker symbol.
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