Aclaris Therapeutics' IPO Priced Well Below Expected Range

Aclaris Therapeutics’ (NASDAQ:ACRS) IPO priced well below its expected its expected range, in the face of a bearish biotech market. The company raised $55 million.
According to Fierce Biotech:

The company moved 5 million shares at $11 apiece, coming in short of its $14-to-$16 projections. Aclaris is also offering another 750,000 shares to underwriters over 30 days, setting the maximum deal value at more than $60 million.
Aclaris’ IPO follows a $40 million Series C fundraise last month, cash the company is putting toward a pipeline of topical treatments for skin disorders. Leading the way is A-101, which treats a nonmalignant skin tumor called seborrheic keratosis, or SK. After a trio of Phase II successes, A-101 is slated to enter three Phase III trials in the first quarter of next year, Aclaris said, on track for an FDA submission by the end of 2016. The company is also mapping out a Phase II program for A-101 as a treatment for warts.