Frequency Therapeutics Inc. priced its IPO of 6 million common shares at $14 per share, at the lower end of its previously announced range.
The Woburn, Mass.-based biotechnology company downsized its IPO from a previously announced size of 6.7 million common shares. Frequency previously said it planned to price the IPO at between $14 and $16 per share.
The company also granted underwriters a 30-day option to buy up to an additional 900,000 common shares at the same price.
Frequency expects gross proceeds of about $84 million from the offer. The company previously said it intends to use amounts raised from the IPO to advance the development of FX-322 to treat hearing loss due to damage to the inner ear.
The company is also planning a phase 2a study of FX-322 in the fourth quarter of the year.
The biotech plans to list on the Nasdaq Global Market under the ticker symbol FREQ. The company's common stock is expected to begin trading on the Nasdaq Global Select Market on Oct. 3, while the offering is expected to close on Oct. 7.
J.P. Morgan, Goldman Sachs & Co. LLC and Cowen are acting as joint book-running managers for the IPO.
