March 11, 2016
Milford biotech goes for $40M IPO
By Sam Bonacci
Spring Bank Pharmaceuticals, an early-stage biotech that develops targeted therapies for viral diseases is seeking to raise $40 million Wednesday in an initial public offering.
The Milford-based company plans to offer an initial 2.86 million shares priced between $13 to $15, according to IPO advising organization Renaissance Capital. Insiders intend to purchase $10 million worth of stock. At the midpoint of the proposed range, Spring Bank Pharmaceuticals would command a fully diluted market value of $132 million, according to Renaissance.
Spring Bank Pharmaceuticals was founded in 2002 and will be listed on the Nasdaq under the symbol SBPH.
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