AcelRx Gets $40M in IPO

Xconomy San Francisco — 

Redwood City, CA-based AcelRx Pharmaceuticals (NASDAQ: ACRX) said today it has priced its initial public offering. The company sold 8 million shares at $5 apiece, meaning it raised gross proceeds of $40 million. That’s far less than the $12 to $14 per share price range AcelRx had forecasted on Jan. 31. The company, a developer of pain medications, said it offering was underwritten by Piper Jaffray, Cowen & Co., Canaccord Genuity, and JMP Securities.