Stemline Therapeutics, Inc. Rises in Its Market Debut as First Biotech IPO of 2013

Stemline Therapeutics, Inc., a clinical-stage biopharmaceutical company developing oncology therapeutics, announced the pricing of initial public offering of 3.318 million common shares at $10.00 per share, the low end of the estimated range. The offering is expected to close on January 31, 2013. In an amended regulatory filing with the U.S. Securities and Exchange Commission on January 8, the company had expected to price the initial public offering of 2.275 million common shares between $10 and $12 per share. The New York-based company expects gross proceeds from the initial public offering to be $33.18 million, before expenses. Stemline has granted the representative of the underwriters a 45-day option to purchase up to 497,647 additional shares of common stock to cover over-allotments, if any. The company said that the shares are expected to begin trading on the NASDAQ Capital Market under the symbol "STML" on January 29, 2013.