Vital Therapies Seeking $86M in Planned IPOTuesday, October 15, 2013
San Diego-based Vital Therapies Inc. has filed for an $86.3 million initial public offering, making it the tenth San Diego company to file this year.
About 40 biotech companies have gone public this year, and a dozen more are attempting to do so — the most in more than a decade.
Vital Therapies, which develops treatments for liver failure, plans to trade on the Nasdaq under ticker symbol “VTL.” It did not disclose the stock price or volume it expects to trade.
The company said it will use the proceeds of its IPO to finance three Phase 3 studies of its Elad medical device, which functions as an artificial liver to filter toxins out of the bloodstream.
Vital Therapies, which was founded in 2003, has raised about $150 million from private investors.
— Meghana Keshavan