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San Diego’s Regulus Lowers Share Price in Revised IPO Filing

Regulus Therapeutics must be playing to a tough crowd.

The San Diego biopharmaceutical startup, which planned to offer 4.5 million shares priced between $10 and $12 a share, revised its IPO filing this morning—and now plans instead to offer 11.25 million shares at $4 a share.

The company, which is slated to go public this week on the Nasdaq market under the ticker RGLS, is focused on discovering and developing drugs that target microRNAs to treat a broad range of diseases. MicroRNAs, are fragments of ribonucleic acid (RNA) molecules that play a critical role in regulating biochemical signals at the cellular level. In its IPO filing, Regulus says microRNAs represent a potential new class of drugs that could be as significant as small molecule drugs, biologics, and monoclonal antibodies.

The company was founded in 2007 with technology spun out from Cambridge, MA-based Alnylam Pharmaceuticals (Nasdaq: ALNY) and Carlsbad-based Isis Pharmaceuticals (Nasdaq: ISIS).

Regulus plans to net about $43 million from its IPO, with another $25 million anticipated from the sale of shares in a concurrent private placement with AstraZeneca, a drug development partner. The company intends to use proceeds for preclinical and clinical drug development.