Conatus Pharmaceuticals to Price IPO at $10-$12 Per ShareFriday, July 12, 2013
San Diego-based Conatus Pharmaceuticals Inc. has announced it will price its IPO at $10 to $12 per share, after filing its $69 million IPO last month.
The company will offer 5 million shares, and could offer an additional 750,000 shares if underwriters exercise their option to purchase additional shares in full, it said in an updated filing. If 5.75 million shares are granted, this could generate up to $56.4 million in net proceeds for the company.
Conatus plans to trade on the Nasdaq under ticker symbol CNAT.
The company is developing drugs to treat chronic liver disease. Its lead drug, called Emricasan, is an oral drug that reduces the rate of liver inflammation and cell death.
Conatus was founded in 2005 by the executives of San Diego-based Idun Pharmaceuticals Inc. in 2005, after Idun was sold to Pfizer Inc. for a reported $200 million. It purchased an Idun subsidiary from Pfizer and acquired the rights to Emricasan in 2010.
— Meghana Keshavan