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.
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