Sienna Biopharmaceuticals files for $75 million IPO
Westlake Village biotechnology company Sienna Biopharmaceuticals filed for an initial public offering with the Securities and Exchange Commission on June 3, stating expectations to raise up to $74.75 million.
Founded in 2010, the company develops clinical-stage topical therapies for inflammatory skin diseases and other conditions. ARCH Venture Partners and Venvest Capital led a $40 million Series B financing round with Sienna in April to develop its most advanced products, which target pruritus, psoriasis, atopic dermatitis and acne.
However, the company has yet to bring its products to market. It reported a net loss of $21.16 million in 2016 and $10.1 million for the first three months of 2017, according to SEC documents.
The IPO includes a base offering of $65 million in shares of common stock and an additional $9.75 million in options for underwriters, but no pricing terms were disclosed.
J.P. Morgan Securities, Cowen and Company and BMO Capital Markets will serve as underwriters and bookrunners.
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