US-based biotechnology company Aldeyra Therapeutics has announced the closing of its initial public offering at $12m.
Aldeyra sold 1.5 million shares priced at $8.00 each, well below the $10-12 range set in March. Underwriter Aegis Capital has the 45-day option to buy another 225,000 shares, which would increase the overall proceeds to $13.8m.
The IPO saw the stake belonging to Johnson & Johnson Development Corporation, the corporate venturing subsidiary of healthcare company Johnson & Johnson, diluted from 44.5% to 32.4%, while Domain Associates’ share was reduced from 50.1% to 36.7%.
Aldeyra intends to use those proceeds to fund its operations for the next two years as it develops NS2, a drug candidate for the treatment of both skin disorder Sjögren-Larsson Syndrome and eye disease Uveitis.
Previous SEC filings indicate that Aldeyra, formerly known as Aldexa Therapeutics, and Neuron Systems, has raised $15.2m in funding since it was founded in 2004.