Microcap biotech Benitec Biopharma decreases proposed IPO deal size to $15 million

Benitec Biopharma, which is developing a gene therapy platform based on DNA-directed RNA interference, reduced the number of ADSs it plans to offer for the second time and reduced the number of warrants offered. 

The Balmain, Australia-based company now plans to raise $15 million by offering 2 million shares at a price of $10. The company had previously filed to offer 2 million shares at a price of $13.55. At the revised price, Benitec Biopharma will raise -41% fewer proceeds than previously anticipated. 

Benitec Biopharma, which was founded in 1995 and booked $1 million in sales for the 12 months ended December 31, 2014, plans to list on the Nasdaq under the symbol BNTC. Maxim Group LLC is the sole bookrunner on the deal. It is expected to price during the week of August 31, 2015.