NEW YORK (AP) — Shares of Sophiris Bio Inc. tumbled Friday after the drug developer slashed the price of its initial public offering while boosting the number of shares being sold.
Sophiris had to raise $65 million by selling 5 million shares for $13 per share. But it said Thursday it would sell 13 million shares at $5 per share instead.
The company’s stock lost 66 cents, or 13 percent, to $4.34 in midday trading.
The underwriters of the IPO have the option to buy another 2 million shares.
Sophiris Bio Inc. is based in Vancouver. It is developing a drug intended to treat symptoms of enlarged prostate.