BioCentury
ARTICLE | Financial News

Scynexis again amends IPO, cuts market cap

May 1, 2014 12:43 AM UTC

Scynexis Inc. (Research Triangle Park, N.C.) amended its proposed IPO on NASDAQ that would raise more money but cut its potential market cap to $84.5 million from $141.2 million based on the mid-point of the company's previous price range. Scynexis now plans to raise $62 million through the sale of 6.2 million shares at $10, which values the company at $84.5 million after adjusting for a reverse stock split implemented last week. Early this month, Scynexis planned to sell 7.3 million shares at $7-$8. At the $7.50 midpoint, the company would have raised $55 million. Scynexis said Sanofi (Euronext:SAN; NYSE:SNY) plans to purchase $15 million shares in the offering. Scynexis is partnered with Sanofi's Merial Ltd. animal health subsidiary. RBC Capital Markets; Canaccord; and JMP Securities are underwriters. ...