Taiwanese cancer firm PharmaEngine raises $31.7M in IPO
Cancer company PharmaEngine Inc. (GreTai:4162) raised NT$931.7 million ($31.7 million) through the sale of 10.8 million shares at NT$86 in an IPO on the GreTai Securities Market. Since the company's trading debut on Sept. 18, the stock has gained NT$85.5, or 99%, to close Wednesday at NT$171.5, which values the company at about $537.9 million. MasterLink Securities was the lead underwriter. PharmaEngine and partner Merrimack Pharmaceuticals Inc. (NASDAQ:MACK) are developing PEP02 ( MM-398) to treat metastatic pancreatic cancer. The nanoparticle liposome formulation of irinotecan is in Phase III testing. PharmaEngine has commercialization rights in Taiwan.
To obtain a formal listing on the GreTai exchange, companies must first trade as over-the-counter emerging stocks for at least six months and meet other requirements. PharmaEngine, which debuted as an emerging stock last September, applied for listing on the GreTai exchange in April. ...