Cerulean Pharma Prices IPO Well Below Range

(RTTNews) - Cerulean Pharma Inc. said Thursday that it has priced its initial public offering of 8.5 million shares of its common stock at a public offering price of $7.00 per share, which is well below its previously estimated price range of $10 to $12 per share.

Cerulean has also granted the underwriters a 30-day option to purchase up to an additional 1.275 million shares of common stock at the public offering price, less underwriting discounts.

Cerulean's common stock has been approved for listing on the NASDAQ Global Market and is expected to begin trading under the ticker symbol "CERU" Thursday, April 10.

The offering is expected to close on April 15.

Leerink Partners is acting as sole book-running manager for the offering. Canaccord Genuity, JMP Securities and Wedbush PacGrow Life Sciences are acting as co-managers for the offering.