Conatus Pharmaceuticals offers 5 million shares for another IPO
Conatus Pharmaceuticals Inc. announced that it will be offering 5 million shares for another initial public offering. The San Diego-based company filed for a US$69-million IPO last month.
For this IPO, Conatus Pharmaceuticals has announced the price per share to be from US$10 to US$12. In addition, 750,000 additional shares could also be offered by the healthcare company, according to an updated filing. This would happen if underwriters exercise in full the option to buy more shares. With 5.75 million shares, the company could raise net proceeds of up to US$56.4 million. The company planned to use the symbol "CNAT" for trading in the Nasdaq.
Conatus Pharmaceuticals was begun by executives of Idun Pharmaceuticals Inc. in 2005. The company focused on development of drugs for chronic liver disease treatment. The healthcare firm's lead drug was Emricasan. It was an oral drug that functions by reducing the rate of cell death and liver inflammation.