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The clinical stage biotech company is selling 5.4 million ordinary shares at $12 each.
Clinical-stage biotech company VBL Therapeutics has announced the pricing of its Nasdaq IPO. The company is selling 5, 400, 000 ordinary shares at $12.00 per share for a gross total of $64.8 million. VBL Therapeutics has also granted the underwriters a 30-day option to purchase up to an additional 810, 000 ordinary shares at the same price to cover any over-allotments.
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The shares are scheduled to begin trading on NASDAQ today under the “VBLX” ticker. The offering is due to close on August 5, 2014.
VBL initially developed treatment for deep vein thrombosis, a cause of strokes and heart attacks, but decided that this was beyond its capabilities as a start-up. The company is currently developing a treatment for brain cancer, for which it hopes to hopes to begin a Phase III clinical trial in 2015, and has other drugs in the pipeline.
Deutsche Bank Securities and Wells Fargo Securities are joint book-running managers for the offering. JMP Securities, Needham & Company and Oppenheimer & Co. are co-managers.
