Evolus Inc. (Nasdaq: EOLS) priced an additional public offering of 4 million shares of common stock at $20 each. The offering consists of 3 million shares offered by the medical aesthetics company and a million shares offered by a selling stockholder. The company expects proceeds of $56.4 million for its shares.
Shares of the company recently traded at $20 for a $518 million market cap. It traded as high as $38 as in early June.
The Irvine-based medical aesthetics company focuses on private-pay aesthetic procedures and treatments. Its first product is DWP-450, an injectable neurotoxin that produce similar aesthetic effect like Botox in treating frown lines. It has submitted the indication for Food and Drug Administration approval and hopes for the drug to be approved next year.
Cantor Fitzgerald & Co. and Mizuho Securities USA LLC are joint book runners, SunTrust Robinson Humphrey Inc. and JMP Securities LLC are lead managers.