Aspen Neuroscience Inc., a clinical-stage developer of cell therapies, fell 2% after raising about $140.6 million in a US initial public offering. Shares opened at $14.70 each in New York, below the IPO price of $15. The San Diego-based company has a market value of $427.5 million and is developing stem cell-derived therapies for neurodegenerative diseases.
Its lead candidate, sasineprocel, is in early-mid stage trials for Parkinson’s disease and has received FDA’s Regenerative Medicine Advanced Therapy and Fast Track designations. Aspen reported a net loss of $36.5 million on no revenue for the six months ended June 30, versus $31.8 million a year earlier. Investors include Gilead Sciences Inc., Orbi Med Advisors, and Arch Venture Partners.
The IPO was led by Leerink Partners, Piper Sandler, Stifel, UBS, and Oppenheimer. Shares trade on Nasdaq Global Select Market under ASPE.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing