Arsanis, which is developing antibodies designed to prevent serious infectious diseases, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Waltham, MA-based company now plans to raise $40 million by offering 4 million shares at a price range of $10 to $10. Insiders intend to purchase $20 million worth of shares in the offering. The company had previously filed to offer 3.1 million shares at a range of $15 to $17. At the midpoint of the revised range, Arsanis will raise -20% less in proceeds than previously anticipated.
Arsanis was founded in 2010 and booked n/a in sales for the 12 months ended September 30, 2017. It plans to list on the Nasdaq under the symbol ASNS. Citi, Cowen & Company and Piper Jaffray are the joint bookrunners on the deal. It is expected to price during the week of November 13, 2017.
