Scynexis again amends IPO, cuts market cap
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. ...