Three US life-sciences companies hitting the market delivered mostly robust early trading after investors strongly supported their initial public offerings.
Drug developer Upstream Bio Inc. shares climbed 26% to $21.50 each as of 12:56 p.m. in New York. The company sold shares for $17 each, raising $255 million in an expanded offering.
Shares in device maker CeriBell Inc. increased 35% to $23 each, above the $17 offering price. The IPO, which was expanded and the range raised prior to the pricing, raised $180.3 million.
Camp4 Therapeutics Corp. shares were nearly flat at $11.02 each. Its offering raised $75 million with stock priced at $11 apiece.
The deals follow a spate of IPOs and follow-on offerings last month from companies including Bicara Therapeutics Inc., MBX Biosciences Inc. and Xencor Inc., some of which proved popular enough to be upsized.
Upstream Bio, which is backed by the likes of OrbiMed and TCG Crossover Management, is developing drugs for inflammatory diseases with an initial focus on respiratory disorders like severe asthma.
Camp4 is focused on RNA-based therapeutics with plans to treat rare disorders. Its lead candidate is being developed for a group of severe metabolic diseases and is currently in early-stage development.
CeriBell’s main product is its Ceribell System, which is used to help diagnose and monitor patients with neurological conditions. It plans to use proceeds to fund its sales and marketing efforts and further develop products. A group of existing investors including Longitude Capital and The Rise Fund had agreed to buy about $40 million worth of shares at the IPO price, according to the company’s filings.
Shares of Upstream Bio, Camp4 and CeriBell are trading on the Nasdaq Global Market under the symbols UPB, CAMP and CBLL, respectively.
https://finance.yahoo.com/news/upstream-bio-shares-rise-26-171028610.html
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