3 biotechnology companies first appeared on the market. Only one rose above the bid price.
Three biotech companies went public on Friday, but only one stock rose above the offer price.
It was hitting double digits in afternoon trading. Two other companies, Pyxis Oncology and IsoPlexis Corp, have both pulled back on their bid prices. Everything was opened on the NASDAQ.
Another biotechnology, AEON Biopharma, was also expected to debut but postponed its presentation, According to Renaissance Capital. AEON has not returned requests for comment.
So far this year, DeLogic said, 776 companies have gone public, raising $248.9 billion as of Friday. Last year, 289 companies listed their stock, raising $111.3 billion. Nearly 40% of this year’s corporate crop – 316 – were traditional IPOs that raised $118.7 billion. The rest were special purpose acquisition companies.
Biotechnology remains one of the busiest segments of the IPO market. The total so far this year is 83 biotech, which has been estimated at $14.8 billion.
Cognition Therapeutics (CGTX) shares opened at $12.15 and reached $13.80. The stock closed at $12.77, up more than 6% from its IPO price.
knowledge Raised $45.2 Million After selling 3.8 million condensed shares at $12, which is the middle of the expected range. Purchasing, New York, Inc. I bid 3.35 million shares Priced at $11 to $13. B. Riley Securities and Oppenheimer & Co are guarantors of the transaction.
Cognition develops small molecule therapies that target degenerative age-related diseases, disorders of the central nervous system and the retina of the eye. The prospectus said its lead product candidate, CT1812, treats Alzheimer’s disease and is in the second stage of development.
IsoPlexis (ISO) started at $14.75, peaked at $14.80 and finished at $11.52, down 23% from its IPO price. This technically makes IsoPlexis broken deal.
The dismal appearance came after IsoPlexis raised $125 million. Sold Branford, Connecticut 8.3 million shares at $15, the midpoint of their $14-$16 range.
Cowen, Evercore ISI, SVB Lyrink are insured on the deal.
IsoPlexis provides a single-cell proteomic platform that is used to develop applications for cancer immunology, cell therapy and gene therapy, Bulletin said. The company is expanding the platform’s capabilities to target infectious, inflammatory, and neurological diseases.
Pyxis Oncology (PYXS), which is supported by
(PFE), also fell below the IPO price. The shares opened as high as $19 and fell to $13.09. The stock closed at $13.20, roughly 18% below the offer price.
Pyxis was initially introduced to Offer 8.34 million shares at $14 to $16reinforced by 9.5 million on Thursday. The biotech increased its deal size again, selling 10.5 million shares at $16 a share, According to the statement. Bank of America Securities, Jeffreys,
And William Blair is a guarantor of the deal.
Launched in 2019, Pyxis has begun developing treatments to target hard-to-treat cancers. The company has licensed two of Pfizer’s antibody drug consortia, PYX-201 and PYX-203, and another ADC, PYX-202, from LegoChem.
PYX-201 targets non-small cell lung cancer, breast cancer, and other solid tumors, while PYX-202 focuses on small cell lung cancer and soft tissue sarcoma. PYX-203 is used to treat acute myeloid leukemia.
Pyxis plans to submit investigational new drug orders for PYX-201 and PYX-202 by mid-2022. The biotech expects to develop an investigational new drug application for PYX-203 by 2023, Bulletin said.
Pfizer and Bayer (BAYN) will each receive about 9% of the voting shares in Pyxis after the IPO, the filing said.
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