Specialty pharmaceutical company SteadyMed Therapeutics Ltd has raised $40 million in its Nasdaq IPO. The company sold 4,700,000 ordinary shares at $8.50 per share and SteadyMed began trading on Nasdaq on Friday under the "STDY" ticker. All of the ordinary shares are being offered by SteadyMed and the offering is expected to close on March 25, 2015, subject to customary closing conditions. SteadyMed has also granted the underwriters a 30-day option to purchase up to an additional 705,000 ordinary shares.
Wells Fargo Securities, LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. JMP Securities LLC is acting as lead manager.
The company had filed with the US Securities and Exchange Commission (SEC) in February to raise up to $55 million.
The company was founded in the Zisapel family's RAD Biomed incubator and although today under US management and headquartered in San Ramon, California, much of the company's development is carried in its Rehovot offices. Among the company's investors are Ari Steimatzky. SteadyMed is focused on the development of drug products to treat orphan and high value diseases with unmet parenteral delivery needs. The company's lead candidate is Trevyent, a development stage drug product that utilizes SteadyMed's PatchPump technology to administer treprostinil, a vasodilatory prostacyclin analogue to treat pulmonary arterial hypertension.
PatchPump is a proprietary, disposable, parenteral drug administration platform that is prefilled and preprogrammed at the site of manufacture.
Published by Globes [online], Israel business news - www.globes-online.com - on March 22, 2015
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