EyeGate Pharmaceuticals lowers IPO deal size to $5 million and moves to OTCQB listing

EyeGate Pharmaceuticals, a late-stage biotech developing a treatment for eye inflammation, lowered its proposed deal size to $5 million and moved its listing from the NASDAQ to the OTCQB. The IPO will therefore be excluded from our tracking statistics.

The Waltham, MA-based company plans to raise $5 million by offering 833,333 million shares at a price of $6. At that price, EyeGate Pharmaceuticals would command a fully diluted market value of $43 million. It had previously planned to trade on the NASDAQ first by offering 1.9 million shares at a range of $12 to $14 ($101 million market cap) and then 1.4 million shares at a range of $6 to $8 ($53 million market cap).