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 Therapeutics plans to use the new funds to support upcoming clinical trial efforts, according to an SEC filing. The company plans use some of its existing cash and equivalents to make up the difference, should the IPO fail to bring in enough to cover costs.
The company had already dropped its IPO price before. Vital Therapies lowered the bar earlier this month to $13-$15 per share, below the $16-$18 range it set last year before scuttling its 1st try at a U.S. IPO.
Vital Therapies 1st announced the IPO last October, saying it hoped to use the proceeds to continue development of its ELAD artificial liver. A month later it spiked the IPO due to market conditions.
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