Proteon banks $61M in a down-sized IPO as it moves on without Novartis

Proteon Therapeutics ($PRTO) priced its IPO below its expected range, clearing $61 million to pay the way for its investigational vascular drug. The Massachusetts biotech moved 6.1 million shares at $10 each, a price that fell lower than its planned $12 to $14. The money will support the Phase III development of PRT-201, a synthetic enzyme that can help dilate arteries and veins. Earlier this year, Novartis ($NVS) walked away from its option to buy Proteon for up to $550 million, and now the biotech is carrying on with PRT-201 on its own, in May securing $45 million in venture commitments as it works through late-stage study. News

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