Heat Bio's IPO haul stands at $26M following over allotment
Chapel Hill, N.C. —
The Chapel Hill cancer immunotherapy company went public on July 24 selling 2.5 million shares at $10 per share. The company’s stock price saw little pop following the offering but the price has since held steady, staying close to the IPO price. Heat Bio shares closed Wednesday at $10 per share, up 1.6 percent.
The over-allotment granted underwriters the option to purchase an additional 100,000 shares of Heat Bio’s common stock at the $10 per share price. Aegis Capital Corp. acted as sole book-running manager for the offering. Cantor Fitzgerald & Co. acted as a co-manager for the offering.
Heat Bio, which does not yet have any Food and Drug Administration-approved drugs, will use proceeds from IPO to advance two cancer immunotherapies through the clinical trials process.
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