A cutting edge biotech: Edge Therapeutics sets terms for $85 million IPO

Edge Therapeutics, which is developing a sustained-release therapy for ruptured brain aneurysms, announced terms for its IPO on Monday.

The Berkeley Heights, NJ-based company plans to raise $85 million by offering 5.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Edge Therapeutics would command a fully diluted market value of $435 million.

The biotech originally filed to raise up to $115 million in mid-August.

Last week, three biotechs went public in the US, and each traded up about 30%.

Edge Therapeutics, which was founded in 2009, plans to list on the Nasdaq under the symbol EDGE. Leerink Partners and Credit Suisse are the joint bookrunners on the deal. It is expected to price during the week of September 28, 2015.