After postponing its planned initial public offering last month, Burlington-based Aldeyra Therapeutics on Thursday completed its IPO but raised just $12 million by selling shares at a scaled-back price.
Aldeyra had initially been seeking up to $27.3 million in the IPO last month, but had cut that back to $14.4 million this week before settling for $12 million (a modest size for a biotech equity funding round of any sort). The offering sold 1.5 million shares at $8 a piece.
Aldeyra, formerly Aldexa Therapeutics, is developing treatments for rare skin and eye diseases. Shareholders in the company have included Johnson & Johnson Development Corporation.
The scaled-back offering comes amid continued uncertainty in the biotech IPO market. Up-and-coming biotech firms had been streaming into the public markets for the past year, until a selloff last month saw many publicly traded biotech firms lose share value. The benchmark Nasdaq Biotechnology Index has recovered some since mid-April but was down 1.6 percent as of mid-morning today.
Meanwhile, Cambridge biotech Radius Health is expected to complete its IPO next week, according to IPO research firm Renaissance Capital. The developer of a new treatment for bone-loss disease has filed plans showing it aims to raise up to $92 million in the offering.
It’s the second IPO bid for Radius Health. The company had initially filed for an IPO in early 2012 but then pulled the plans later that year.
The firm has raised at least $241 million in funding to date. Top shareholders in the company include Boston-based MPM Capital, which holds 28 percent of shares. Other investors include HealthCare Ventures of Cambridge (6.3 percent) and Brookside Capital of Boston, a fund affiliated with Bain Capital (5.9 percent of shares).
Kyle Alspach has worked in journalism in Massachusetts since 2005 and was one of the original staff writers at BetaBoston.
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