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IPO Roundup: Oyster Point Pharma gains ground in debut, Rapt Therapeutics re-emerges with downsized IPO

The biopharmaceutical company originally postponed its IPO back in August

Forklift lifting the final wooden block to create the word 'IPO'
Oyster Point Pharma is focused on developing therapies to treat ocular surface diseases

Oyster Point Pharma Inc (NASDAQ:OYST), a Princeton, New Jersey-based biopharmaceutical company developing therapies to treat eye diseases, raised $80 million in its IPO.

The company offered five million shares at $16 per share, the low end of its $16 to $18 range. 

Its lead candidate, varenicline, is a nasal spray designed to treat the signs and symptoms of dry eye disease. In a Phase 2 trial of 182 patients, varenicline demonstrated statistically significant improvements over a placebo.

Trading opened at $16, and the stock climbed 7.2% to $17.15.

Meanwhile, Rapt Therapeutics Inc (NASDAQ:RAPT), a clinical stage biopharmaceutical company based in South San Francisco, went public with a $36 million downsized IPO after opting to postpone in August.

The company offered 3 million shares at a price of $12, the low end of its reduced $12-$14 range. Two months ago, the company planned to offer five million shares at a price between $14 and $16 per share.

Since its founding in 2015, Rapt has discovered and advanced two unique drug candidates, and it’s lead oncology drug progressed to clinical trials in just two and a half years. 

The stock debuted at $12.25 before sliding to $12.03, 0.3% above its IPO price. 

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

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