India, June 17 -- Jyong Biotech Ltd on Monday announced the pricing of its Initial Public Offering of 2.67 million ordinary shares at $7.50 per share. The company expects to raise around $20 million in gross proceeds, excluding underwriting discounts and offering expenses.
The Taiwan-based biotechnology company said that its shares have been approved for listing on the Nasdaq under the ticker symbol "MENS" and will begin trading on June 17. The offering is expected to close on June 18, subject to customary closing conditions.
Jyong Biotech said that it will use the net proceeds primarily to advance its drug development programs. About 40 percent will fund Phase III trials and the new drug application for MCS-2 (API-2). If comparability is...