Voyager cuts IPO target range to $11-$15, reduces shares to 4.5 million

New York, Dec. 8 - Voyager Pharmaceutical Corp. said it has downsized its initial public offering of common stock, cutting the price range to $11.00 to $15.00 per share and dropping the number of shares to 4.5 million from 5.9 million.

The greenshoe was similarly scaled back to 675,000 shares from 885,000 shares.

At the maximum size, assuming exercise of the greenshoe, the deal will now raise $77.625 million, down from $128.915 million previously. Net proceeds at the mid-point of talk are estimated at $52.4 million, or $60.8 million with the over-allotment option, down from $91.0 million and $105.0 million respectively.

The Raleigh, N.C., biopharmaceutical company is going public through WR Hambrecht + Co, LLC's OpenIPO system.

Voyager Pharmaceutical is developing drugs associated with aging and development.

The company hopes to be listed on the Nasdaq National Market under the ticker symbol "VYGR."

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