Redwood City, CA-based AcelRx Pharmaceuticals (NASDAQ: [[ticker:ACRX]]) said today it has priced its initial public offering. The company sold 8 million shares at $5 apiece, meaning it raised gross proceeds of $40 million. That’s far less than the $12 to $14 per share price range AcelRx had forecasted on Jan. 31. The company, a developer of pain medications, said it offering was underwritten by Piper Jaffray, Cowen & Co., Canaccord Genuity, and JMP Securities.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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