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Avalon cuts IPO to 2.75 million shares from 4.5 million
New York, Sept. 1 - Avalon Pharmaceuticals Inc. down sized its initial public offering of common stock to 2.75 million shares from 4.5 million shares, according to an S-1/A filing with the Securities and Exchange Commission.
The greenshoe was also reduced, to 412,500 shares from 675,000.
Avalon is still targeting a price of $10 to $12 per share for the sale.
Underwriters for the IPO are W.R. Hambrecht + Co. and Legg Mason Wood Walker Inc.
The Germantown, Md.-based clinical-stage biopharmaceutical company will use proceeds to fund clinical trials, development and selection of additional drug candidates, licensing, acquisitions, working capital, capital expenditures and general corporate purposes.
Avalon is focused on the discovery and development of small molecule therapeutics for the treatment of cancer.
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