Cellular Dynamics lowers IPO target
This article was originally published in Clinica
Some more details have emerged about Cellular Dynamics’ initial public offering: the firm now plans to offer 3.846 million shares at $12 each (from a previous range of $12-14), giving a total of $46.2m. It has also granted the underwriters the right to purchase an additional 576,900 shares, which would give it an extra $6.9m – $53.m altogether, a little short of its previous target of $57.5m, based on the $13 per share midpoint (www.clinica.co.uk, 11 July 2013). The company started trading on Nasdaq on 25 July under the ticker symbol ICEL – its share price had dropped 14% to $10.34 by midday. Cellular Dynamics (Madison, Wisconsin) develops stem cell technologies for in vitro drug development, in vivo cellular therapeutics and stem cell banking.