Shares of Sophiris Bio Inc. tumbled after the drug developer slashed the price of its initial public offering while boosting the number of shares being sold.
Sophiris had to raise $65 million by selling 5 million shares for $13 per share. But it said it would sell 13 million shares at $5 per share instead.
The company’s stock lost 66 cents, or 13 percent, to $4.34 in Friday midday trading.
The underwriters of the IPO have the option to buy another 2 million shares.
Sophiris Bio Inc. is based in Vancouver. It is developing a drug intended to treat symptoms of enlarged prostate.
Date: August 16, 2013
Source: Associated Press
