Trevena postpones IPO
Trevena Inc. (King of Prussia, Pa.) postponed its IPO, citing market conditions. Earlier this month, the company amended its IPO and said it planned to sell 5.8 million shares at $12-$14. At the $13 midpoint, Trevena would have raised $75 million and been valued at $290.7 million. The company filed to raise up to $86.3 million last month. Barclays; Jefferies; Canaccord; JMP Securities; and Needham are underwriters.
Trevena is developing GPCR ligands that activate or block specific signaling pathways mediated through individual GPCRs. Next quarter, the company plans to start a Phase IIb trial of TRV027 for acute heart failure (AHF), with data expected in 2H15. Forest Laboratories Inc. (NYSE:FRX) has an exclusive option to the compound (see BioCentury, May 13). ...