[ad_1]
DariaRen/iStock via Getty Images
Oncology drug developer Acrivon Therapeutics (NASDAQ:ACRV) stock finished its first session 33% higher on Tuesday following a $94M initial public offering that priced shares significantly below a previously stated range.
Shares of the precision medicine company opened at $13.35 after being priced at $12.50 per share. The stock hit an early low of $12.71 before climbing to a high of $17.09 in late afternoon, closing at $16.64.
Acrivon priced 7.5M shares at $12.50, raising around $94M. Underwriters were given a 30-day option to buy up to 1.13M additional shares at the IPO price. Jefferies, Cowen and Piper Sandler are serving as lead bookrunners.
The company also said it privately placed 400K shares at the IPO price with Chione Limited, an existing shareholder. The placement raised an additional $5M for the company.
Earlier this month, Acrivon said in a filing that it planned to offer 5.9M shares priced between $16 and $18, which would have raised around $100M if priced at the midpoint. Underwriters would have received a 30-day option to buy up to 885K additional shares to cover any over-allotments.
Acrivon’s lead drug candidate is ACR-368, also known as prexasertib. The company is in the process of advancing the drug into Phase 2 testing for the treatment of bladder, endometrial and ovarian cancers and HPV+ tumors. Acrivon has also developed a companion diagnostic called OncoSignature to help identify which patients would benefit from the drug.
Acrivon first filed for an IPO in October, seeking around $100M.
[ad_2]
Image and article originally from seekingalpha.com. Read the original article here.