Celyad shares fall after U.S. listing
Celyad S.A. (NASDAQ:CYAD; Euronext:CYAD) dropped $13.99 (20%) to $54.57 in its first day of trading on NASDAQ Friday after it raised $100.1 million through the sale of ADSs and a private placement of ordinary shares. The company raised $80.1 million through the sale of 1.2 million ADSs at $68.56, and EUR 17.6 million ($20 million) through the sale of 292,000 shares at EUR 60.25. Each ADS is worth one ordinary share. Underwriters were UBS; Piper Jaffray; Petercam; Bryan, Garnier; LifeSci Capital; and Lake Street Capital Markets.
The company expects data in mid-2016 from the Phase III CHART-1 study of C-Cure to treat ischemic heart failure. In 2H15, it expects to begin a second Phase III study, CHART-2, of the cellular therapy based on autologous stem cells diferrentiated into cardiac precursors called cardiopoetic cells. ...