UPDATE 1-Sucampo sees $14-$16/shr price band for IPO
July 17 (Reuters) - Sucampo Pharmaceuticals Inc. on Tuesday set its initial public offering of 3.75 million Class A common shares at an estimated price of $14 to $16 per share.
The pharmaceutical company plans to list on the Nasdaq under the symbol "SCMP," it said in a filing with the U.S. Securities and Exchange Commission.
Sucampo said it expects to raise net proceeds of about $38.6 million and plans to use the proceeds to fund its clinical trials.
The company is focused on developing drugs based on prostones, a class of compounds derived from functional fatty acids that occur naturally in the human body.
In January 2006, its first product, Amitiza, received marketing approval from U.S regulators for the treatment of chronic idiopathic constipation in adults. (Reporting by Jennifer Robin Raj in Bangalore)