Liquid biopsy developer MDNA Life Sciences (MDLS) has updated proposed terms for a slightly downsized $11M initial public offering.
The Florida-based biotech group said in a filing that it’s now looking at offering 2.1M shares priced between $4 to $6, which would raised nearly $11M if priced at the midpoint. Underwriters would receive a 45-day option to purchase up to 315K additional shares to cover any over-allotments.
MDNA hopes to list its shares on Nasdaq under the symbol MDLS. EF Hutton is serving as lead bookrunner.
In a filing made in August, MDNA said that it was interested in offering an undisclosed number of shares plus warrants. An attached filing fee schedule indicated it was seeking to raise around $12M.
The company has been operating in the red. For the nine-month period ended June 30, MDNA reported a net loss of $4.7M on revenue of $1.6M.
For more on MDNA, check out SA contributor Donovan Jones’s “MDNA Life Sciences Readies $10M IPO.”
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