BioCentury
ARTICLE | Financial News

Bio Blast, Marinus, VBL take haircuts on IPOs

August 1, 2014 12:41 AM UTC

Bio Blast Pharma Ltd. (NASDAQ:ORPN), Marinus Pharmaceuticals Inc. (NASDAQ:MRNS) and Vascular Biogenics Ltd. (dba VBL Therapeutics Ltd.) (NASDAQ:VBLX) all took haircuts in IPOs on NASDAQ on Thursday. Bio Blast raised $35.2 million through the sale of 3.2 million shares at $11. The price values the company at $156.5 million. Earlier this month, the company amended the offering to sell 3.3 million shares at $11-$13. At the $12 midpoint, the company would have raised $40 million and been valued at $172.4 million. Oppenheimer; Roth Capital Partners; and BTIG are underwriters.

Bio Blast's Cabaletta is in the Phase II/III HOPEMD trial to treat oculopharyngeal muscular dystrophy (OPMD), an inherited disorder caused by a mutation in poly(A) binding protein nuclear 1 ( PABPN1; PABP2) that is characterized by difficulty swallowing and the loss of muscular strength and weakness. Cabaletta is an IV formulation of trehalose that Bio Blast said enables therapeutic doses of the compound to reach muscles. Trehalose is a disaccharide that prevents pathological aggregation of proteins in cells. Bio Blast dropped $2.60 (24%) to $8.40 on Thursday. ...