Catabasis raises $60M in IPO

Catabasis Pharmaceuticals Inc. (NASDAQ:CATB) gained $1 to $13 in its first day of trading after raising $60 million through the sale of 5 million shares at $12 in an IPO. The IPO price valued the company at $174.6 million. Underwriters were Citigroup; Cowen; Oppenheimer; and Wedbush PacGrow.

Earlier this month, Catabasis said it hoped to sell 4.3 million shares at $13-$15. A sale of that many shares at $14 would have raised $60.2 million and valued the company at $193.9 million. The company filed in May to raise up to $75 million. ...