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Oncology drug developer Acrivon Therapeutics (NASDAQ:ACRV) inventory moved modestly greater Tuesday following a $94M preliminary public providing that priced shares considerably under a beforehand acknowledged vary.
Shares of the precision medication firm opened at $13.35 after being priced at $12.50 per share. The inventory hit an early excessive of $13.73 earlier than slipping to a low of $12.71, just lately altering arms at $13.30 at round 11:50 a.m. ET.
Acrivon priced 7.5M shares at $12.50, elevating round $94M. Underwriters got a 30-day possibility to purchase as much as 1.13M extra shares on the IPO worth. Jefferies, Cowen and Piper Sandler are serving as lead bookrunners.
The corporate additionally stated it privately positioned 400K shares on the IPO worth with Chione Restricted, an present shareholder. The position raised an extra $5M for the corporate.
Earlier this month, Acrivon stated in a submitting that it deliberate to supply 5.9M shares priced between $16 and $18, which might have raised round $100M if priced on the midpoint. Underwriters would have acquired a 30-day possibility to purchase as much as 885K extra shares to cowl any over-allotments.
Acrivon’s lead drug candidate is ACR-368, often known as prexasertib. The corporate is within the technique of advancing the drug into Section 2 testing for the therapy of bladder, endometrial and ovarian cancers and HPV+ tumors. Acrivon has additionally developed a companion diagnostic referred to as OncoSignature to assist establish which sufferers would profit from the drug.
Acrivon first filed for an IPO in October, in search of round $100M.
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