MASSDEVICE ON CALL — California biotherapeutics company Vital Therapies dropped its per-share price even lower, opening today at $12 per share in the hopes of raising $54 million. Shares are slated to open today on the Nasdaq market under the symbol "VTL."
Vital Therapies priced its initial public offering at $12 per share, once again lowering the bar for its 1st public flotation after scuttling its 1st try at a U.S. IPO.
Vital Therapies, which is developing a bio-artificial liver, last October set the IPO’s price range at $16-$18. But the San Diego-based company but shelved the offering until March, when it set the range at $13-$15 per share.
Bio-artificial liver maker Vital Therapies set the range for its initial public offering at $13 to $15 per share, below the $16 to $18 range it set last year before scuttling its 1st try at a U.S. IPO.
In March Vital Therapies filed updated registration statements signaling its intent to launch the IPO, wiping clean the pricing set in November 2013. Another filing today set the new price range for the 4.5-million-share offering at $58.5 million to $67.5 million.
Bio-artificial liver maker Vital Therapies is prepared to take another run at its initial public offering, months after deciding to put off the IPO to await more favorable market conditions.
The California biotech company filed updated registration statements signaling its intent to launch the IPO, wiping clean the pricing set in November 2013. The new offering cap and per-share pricing have yet to be announced.
San Diego, Calif.-based Vital Therapies Inc. decided to put off its initial public offering for an undisclosed period of time, hoping market conditions will improve for its liver failure cell-based therapy.
The IPO was supposed to launch this week, according to Renaissance Capital IPO Center, which cited "poor market conditions" as the reason for the delay.
Vital Therapies is looking to raise up to $86.3 million through its initial public offering, hoping to use the proceeds to continue development of its ELAD artificial liver.
The San Diego-based company has yet to release the full details of the IPO, but filed early registration statements laying out the core business and the plans for the future.
Fifteen investors backed development-stage biotechnology company Vital Therapies in a $22.5 million funding round to support the company’s ongoing ELAD research & development program manufacturing bio-artificial livers based on human cells.