Trevena, Cara price IPOs
Neurology company Trevena Inc. (NASDAQ:TRVN) and pain play Cara Therapeutics Inc. (NASDAQ:CARA) both raised money in IPOs on Friday. Trevena raised $64.8 million through the sale of a bumped-up number of shares at its proposed price. Trevena sold 9.3 million shares at $7, which values the company at $180.1 million. On Wednesday, the company said it planned to sell 8.5 million shares at $7. Barclays; Jefferies; Canaccord; JMP Securities; and Needham are underwriters.
Trevena is developing GPCR ligands that activate or block specific signaling pathways mediated through individual GPCRs. The company's TRV027 is in Phase IIb testing to treat acute heart failure (AHF), with data expected by the end of 4Q15. Forest Laboratories Inc. (NYSE:FRX) has an exclusive option to the compound. Trevena was off $0.50 to $6.50 in its first day of trading on Friday (see BioCentury, May 13, 2013). ...