Asian biotech CytoMed Therapeutics (GDTC) has set terms for a downsized $11M US initial public offering.
CytoMed said it now plans to offer 2.4M shares priced between $4 and $5, which would raise around $11M if priced at the midpoint. Underwriters would be granted a 45-day option to buy up to 362K additional shares, according to an SEC filing.
The company hopes to list its shares on Nasdaq under the symbol GDTC. The Benchmark Co. and Axiom Capital Management are serving as lead bookrunners.
Incorporated in Singapore with operations in Malaysia, CytoMed is a developer of cell-based immunotherapies for the treatment of cancer.
CytoMed first filed for an IPO in November, seeking to raise $15M.