Within a Week, Five Biopharma Companies Debut on the Nasdaq
With the Thanksgiving holiday fast-approaching in the United States, some investors are giving their thanks to five different pharma companies that became available on the stock exchange this month with an initial public offering.
Centogene – On Nov. 7, Germany-based Centogene B.V. began selling its shares on the Nasdaq Exchange under the ticker symbol CNTG. The company offered an IPO price of $14 per share. The stock climbed to $14.60 but has since fallen to a price of $13.10 per share, as of 10:20 a.m. Centogene plans to use funds raised from the IPO to support the development of treatments for rare diseases.
Since the IPO, Centogene has entered into collaborations with both Pfizer and PTC Therapeutics. With Pfizer, the company signed a data collaboration agreement that granted the pharma giant access to Centogene’s data repository, which may be used in the discovery and validation of novel genetic and biochemical targets. With PTC Therapeutics, the company signed an agreement for a global diagnostic program for aromatic L-amino acid decarboxylase (AADC) deficiency.
Galera Therapeutics – Also on Nov. 7, Galera Therapeutics made its debut on the Nasdaq with an IPO price of $12 per share. The stock, which trades under the symbol GRTX, is currently trading at $12.74 as of 10:30 a.m. Pennsylvania-based Galera is developing its experimental head and neck cancer treatment GC4419 (avasopasem manganese). Last month, the company announced final data from its two-year tumor outcomes follow-up. The data showed the drug, along with standard radiotherapy, maintained the treatment of head and neck cancer while decreasing the radiation-induced oral mucositis.
CNS PHARMACEUTICALS – Houston-based CNS Pharmaceuticals hit the Nasdaq on Nov. 8 with a $4 per share IPO. The stock, sold under the ticker symbol CNSP, climbed to $4.57 on the first day. Shares are currently trading at $4.30 as of 10:44 a.m. Last week the company filed a Pre-IND meeting request for Berubicin for IV for the Treatment of Glioblastoma Multiforme with the U.S. Food and Drug Administration.
TELA Bio – Pennsylvania-based TELA Bio raised $52 million with its Nov. 8 IPO. The company had an IPO price of $13 per share. The stock is sold on the Nasdaq under the symbol TELA. Shares are currently trading at $11.56 as of 10:48 a.m. The company will use the funding from the IPO to support the development and commercialization of a new category of tissue reinforcement materials to address unmet needs in soft tissue reconstruction.
89 Bio – On Nov. 11, 89bio hit the Nasdaq at $16 per share. The stock has doubled since its debut. On the first day, share prices hit $20.80. This morning, the stock is now trading at $32.09 as of 10:54 a.m. 89bio is focused on the development of treatments for nonalcoholic steatohepatitis (NASH) and other liver and metabolic disorders. In September, the company dosed the first patients in its proof-of-concept Phase Ib/IIa trial evaluating BIO89-100 in patients with NASH or patients with nonalcoholic fatty liver disease and a high risk of NASH.