CED Member Cempra Pharmaceuticals seeks to raise more than $89 million through an initial public offering (IPO) of six million shares.
The IPO target price is between $11 and $13, according to an SEC filing made by Cempra on Jan. 13, 2012, meaning the offering would range between $66 million and $78 million. Cempra has applied to list its stock on the Nasdaq market under the symbol "CEMP".
Backers of the IPO include Stifel Nicolaus Weisel, Lerrink Swann, Cowen and Company, and Needham & Company. These underwriters of the deal will also have an option to purchase a maximum of 900,000 additional shares to cover over-allotments if market conditions are favorable, the company says.
As an additional component of the offering, Cempra's filing states that existing shareholders and entities affiliated with one or more of the company's directors have indicated an interest in purchasing as much as $20 million of stock, or 1,666,667 shares.
Cempra is based in Chapel Hill, NC, and currently employs 15 people.
