Eleven Biotherapeutics raises $50M in IPO

|About: Eleven Biotherapeutics, Inc. (EBIO)|By:, SA News Editor

Eleven Biotherapeutics' (EBIO) shares are due to begin trading on Nasdaq today after the company raised $50M in an IPO by selling 5M shares at $10 each. That's below the initial range of $13-15, although Eleven Biotherapeutics was expected to sell only 4.3M shares.

There's also a greenshoe option for another 750,000 shares.

Eleven Biotherapeutics develops treatments for eye diseases using its proprietary protein-engineering platform, AMP-Rx.

The firm's lead candidate is EBI-005, which its developing as a topical treatment for dry eye disease and allergic conjunctivitis. (PR)

Seeking Alpha previews: Don Dion; IPOdesktop