Israeli co PainReform raises $23m in Nasdaq IPO

drug development

The Herzliya-based pain therapeutics company held the IPO at a company valuation of $70 million.

Israel clinical stage specialty pharmaceutical company PainReform has raised $23 million in an Initial Public Offering (IPO) on Nasdaq at a company valuation of $70 million, after money. The Herzliya-based pain therapeutics company focuses on the reformulation of established therapeutics.

The IPO was held at $8 per share at the lower end of the planned $8-$10 range. The share price lost 15% on its first day of trading using the PRFX ticker.

Maxim Group LLC and Joseph Gunnar & Co., LLC are acting as joint book-runners for the offering.

PainReform has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares and/or warranties.

Published by Globes, Israel business news - en.globes.co.il - on September 2, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

drug development
drug development
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