Micro-cap biotech Cancer Prevention Pharma cuts IPO shares by 35%; set to raise $16 million

Cancer Prevention Pharmaceuticals, which is developing treatments for colorectal cancer risk factors, lowered the proposed shares it plans to offer in its upcoming IPO. The deal's timing is day-to-day.

The Tucson, AZ-based company now plans to raise $16 million by offering 1.25 million shares (down from 1.92 million) at the originally proposed price range of $12 to $14. Insiders still intend to purchase $5 million worth of shares in the offering (now 31%). At the midpoint of the range, CPP's new market cap is less than $100 million.

Cancer Prevention Pharmaceuticals was founded in 2009 and plans to list on the NYSE MKT under the symbol CPP. Aegis Capital is the sole bookrunner on the deal.