|Jaguar CEO Lisa Conte|
Stymied by a soft market response last year, Jaguar Animal Health is planning a second run at going public with hopes of raising $22 million, the company said in a new filing.
Jaguar, which is developing gastrointestinal products for pets and livestock, plans to offer 3.2 million shares at a price of $7 per share, the Silicon Valley-based company said in a SEC filing. If it hits its target, Jaguar would have a fully diluted market value of $62 million.
The company had originally wanted to raise $70 million in August of last year to help propel its pipeline of 8 drug candidates, but by November Jaguar amended the number down to $51.75 million. Days after slicing its target by 26%, the company postponed the public offering.
In its latest regulatory filing, Jaguar named new underwriters for the endeavor with Aegis Capital, CRT Capital and Feltl and Company, replacing BMO Capital Markets, Guggenheim Securities and Roth Capital Partners. The stock would be traded under the symbol "JAGX".
Last year's postponement wasn't much of a surprise as the market began to lose its appetite for animal health companies following poor post-IPO performances by Parnell Pharmaceuticals ($PARN) and Kindred Biosciences ($KIN). Still, some on Wall Street see a strong future in companies that cater to the pampered pet industry.
- check out the SEC filing