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Equillium prices IPO at bottom end of range

Equillium Inc. priced its planned IPO at $14 per share, at the bottom end of a previously announced range.

La Jolla, Calif.-based Equillium expects gross proceeds of about $65.4 million.

The biotechnology company is offering 4,670,000 common shares on the Nasdaq Global Market. Shares will commence trading on the exchange Oct. 12 under the symbol EQ.

Net proceeds will be used to fund the research and development of the company's lead product candidate, EQ001 or itolizumab, an investigational therapy for multiple severe immuno-inflammatory disorders.

Underwriters have a 30-day option to purchase up to an additional 700,500 common shares at the IPO price.

Jefferies LLC, Leerink Partners LLC and Stifel Nicolaus & Co. Inc. serve as joint book-running managers for the flotation.