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.
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.