BG Medicine, a US-based healthcare company, has cut its planned Nasdaq flotation price to $7 per share to raise $33.25m, according to its regulatory filing.
The company plans to list 4.75 million shares at its initial public offering (IPO), although investment bank Lazard can sell a further 712,500 shares if demand is strong enough. The previous price range was $13 to $15 per share. BG had raised more than $37m since 2000, according to news provider Fortune.
Venture capital firm Flagship Ventures owns 44.9% of BG pre-IPO but will be cut to 32.9% after its flotation.
Private equity firm Gilde Europe Food & Agribusiness Fund owns 14.6%, Netherlands-based equipment company Koninklijke Philips Electronics has 5.5% while healthcare firm Humana has 5.4%.
In August, Philips became a minority limited partner in Gilde’s third healthcare fund. Gilde Healthcare III is raising €200m ($250m) to invest in early and growth stage healthcare technology companies in Europe and the US. Its second fund closed at €85m in 2006 with a final target of €125m primarily for European investments.