MyoKardia raises $54.4M in downsized IPO

MyoKardia Inc. (NASDAQ:MYOK) gained $0.53 to $10.53 in its first day of trading Thursday after raising $54.4 million through the sale of 5.4 million shares at $10 in an IPO underwritten by Credit Suisse; Cowen; Wells Fargo; and Wedbush Pacgrow. The price valued MyoKardia at $262.4 million. The company filed last month to raise up to $86.3 million. Last week, it said it hoped to sell 4.7 million shares at $15-$17. At $16, it would have raised $75 million and been valued at $407.9 million.

MyoKardia expects data in mid-2016 from two Phase I trials of MYK-461 to treat hypertrophic cardiomyopathy. The company hopes to begin a Phase II study of the small molecule allosteric modulator of cardiac myosin in 2H16. ...