Business briefs, May 1
Scynexis raises proposed initial offering price to $10
DURHAM -- Drug development company Scynexis Inc., which first announced plans to sell shares on the stock market in March, has increased its proposed maximum initial public offering price to $10, up from $8.
Previously, the Durham-based company had announced a plan to sell its shares for an initial price of $12 to $14. But then it later lowered the initial price to $8 and increased the number of shares it planned to sell.
Now it’s raised the price to $10 and again cut the number of shares it plans to register. According to a regulatory filing Wednesday, the company plans to offer 6.2 million shares for sale at that price, plus an option for the underwriters to buy another 930,000 shares.
The company expects to raise about $55.1 million from the offering, or $63.8 million if the underwriters use their option.
Square 1 profits up 136%
DURHAM -- Square 1 Financial Inc.’s first-quarter earnings grew 136 percent to $7.8 million, the Durham-based bank holding company announced Wednesday.
The company, which is the parent company for the commercial bank Square 1, reported that its earnings grew on higher net interest income and noninterest income.
The company said it saw a $5.8 million increase in net interest income and the $3.1 million increase in noninterest income that offset a $2.6 million increase in non-interest expense.
Square 1 went public for the first time earlier this year, selling shares on the stock market in order to help fuel its long-term growth.
The company was founded in 2005 to provide banking services to venture-backed companies and their investors.