Carbylan raises $65M in downsized IPO

Carbylan Therapeutics Inc. (NASDAQ:CBYL) raised $65 million through the sale of 13 million shares at $5 in a downsized IPO on Wednesday. The price values the company at $121.2 million.

In January, Carbylan proposed to sell 5.8 million shares at $12-$14. At $13, the company would have raised $75.4 million and been valued at $198.2 million. Leerink; JMP Securities; and Wedbush Securities underwrote the offering. ...