ZARS Sets IPO Terms

ZARS Inc., a Salt Lake City-based developer of non-invasive drug delivery technologies, has set its IPO terms to five million common shares being offered at between $14 and $16 per share. It would have an initial market cap of approximately $262 million, were it to price at the high end of its range. ZARS plans to trade on the Nasdaq under ticker symbol ZARS, with Cowan & Co. and CIBC World Markets serving as co-led underwriters. The company has raised around $33 million in total VC funding since 2000, from firms like Draper Fisher Jurvetson (23.1% pre-IPO stake), Wasatch Ventures (7.6%), vSpring (5.4%), ePlanet Ventures, CDIB BioScience Venture Management and Tenex.