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Carbylan Raises Over $65 Million from IPO

Practices: Life Sciences, Securities & Public Companies, Executive Compensation & Employee Benefits

Ropes & Gray advised Carbylan Therapeutics, Inc. in its underwritten initial public offering of 14,950,000 shares of common stock at $5 per share, which includes the exercise by the underwriters of their option to purchase up to 1,950,000 additional shares. The shares began trading on Nasdaq on April 9 under the symbol “CBYL,” and the offering closed on April 14. Carbylan estimates net proceeds from the offering to be approximately $66.1 million, after deducting underwriting discounts and commissions and estimated offering expenses. Palo Alto, Calif.-based Carbylan is a clinical-stage specialty pharmaceutical company, which is currently developing an injectable treatment for osteoarthritis pain in the knee.

The Ropes & Gray team included benefits associates Jennifer Rikoski (Boston) and Danna Kivell (New York).

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