Viking Therapeutics Inc. priced its revised initial public offering Wednesday, offering 3 million shares of common stock at $8 per share to raise $24 million.
All shares of common stock are being offered by Viking, and the company has granted the underwriters a 30-day option to purchase up to an additional 450,000 shares of common stock at the same price to cover over-allotments.
The offering is expected to close May 4, subject to the satisfaction of customary closing conditions.
Viking’s original prospectus filed with the Securities and Exchange Commission had set terms for September 2014, when the company planned to offer 5 million shares for $10 to $12 apiece and its lead drug candidate was a type 2 diabetes treatment. Viking ultimately postponed its offering for undisclosed reasons, and just revived the IPO plans last month.
Now the company has recalibrated its focus, putting its former leading diabetes drug on the backburner and bringing another drug to the forefront. The new lead candidate, VK5211, is a drug meant to ease rehabilitation after nonelective hip fracture surgery. The drug is currently entering Phase 2 clinical trials this year, and the company expects to complete the trial in 2016, the prospectus said.
Viking Therapeutics is currently trading on the Nasdaq for $8.87 per share under the stock symbol VKTX.