Spring Bank raises $15M in IPO
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Milford-based Spring Bank Pharmaceuticals, an early-stage biotech that develops targeted therapies for viral diseases, has completed its initial public offering for gross proceeds of approximately $15 million.
The IPO of 920,000 shares of common stock at a public offering price of $12 per share resulted in gross proceeds from the IPO of approximately $11 million before offering-related expenses.
Additionally, Spring Bank received approximately $5.4 million in proceeds upon the exercise of warrants to purchase 643,826 shares of common stock of the company, which were exercised in connection with the closing of the initial public offering.
The IPO results come after the company initially planned to raise $40 million through a March IPO selling 2.86 million shares priced between $13 to $15. That offering was cancelled, with the company announcing a scaled back $15 million IPO in April.
Spring Bank Pharmaceuticals was founded in 2002 and is now listed on the Nasdaq under the symbol SBPH.
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