Scynexis IPO is pushed back
04/04/2014 12:04 PM
04/04/2014 12:05 PM
Scynexis’ plans to go public have been delayed. The Durham drug-development company had been expected to go public this week, but that didn’t happen. The new timetable is uncertain.
Bloomberg News reported that Scynexis could go public next week. But IPOScoop.com, which publishes an IPO calendar based on information from underwriters, is anticipating that the company will go public the week of April 14.
Companies that file to go public don’t announce or publicly discuss the timing of their IPOs due to Securities and Exchange Commission restrictions.
On Thursday, the company disclosed in an SEC filing that it expects to sell its shares at a significantly lower price that previously anticipated. The company, which previously targeted selling shares at between $12 and $14, downgraded the anticipated price to between $7 and $8.
Scynexis doesn’t yet have a product on the market. Its lead drug candidate is an intravenous drug for treating serious and life-threatening fungal infections that is years away from approval.
Staff writer David Ranii
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