Voyager Pharmaceutical, which is developing a treatment for Alzheimer’s, is cutting the price and size of its proposed initial public offering.

The company said Thursday morning it is lowering the price of shares to $11-$15 from $15-$19 as planned.

The number of shares to be offered through an auction process is also being cut by 1.4 million shares, Voyager said. Some 4.5 million shares will be offered.

WR Hambrecht + Co, LLC is the sole manager of the stock offering.

Voyager was founded in 2001.