Seattle biotechnology company PhaseRx said Tuesday that it priced its initial public offering of 3.7 million shares of stock at $5 a share, for a total offering of $18.5 million before underwriting discounts and commissions.
Seattle biotechnology company PhaseRx said Tuesday that it priced its initial public offering of 3.7 million shares of stock at $5 a share, for a total offering of $18.5 million before underwriting discounts and commissions.
That was at the low end of its estimated price range of between $5 and $7 a share.
The shares, trading on the Nasdaq market under the ticker symbol PZRX, ended their first day Wednesday at $5.02, after fluctuating on light volume between an opening high of $5.50 and a low of $4.54.
PhaseRx, which develops therapies to treat urea cycle disorders, will be the first company in the state to go public in more than a year.
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The company is led by Immunex veteran Robert Overell, and its chairman is biotech pioneer Steven Gillis.