Aslan slips in first trading day on NASDAQ

Aslan Pharmaceuticals Ltd. (TPEx:6497; NASDAQ:ASLN) was down $1.42 (20%) to $5.61 in its first day of trading Friday after it raised $42.2 million through the sale of 6 million ADSs at $7.03 in a NASDAQ listing. Leerink, Piper Jaffray, BTIG, H.C. Wainwright and CLSA are underwriters.

The listing price valued Aslan at $225.1 million. Earlier this week, Aslan said it hoped to sell 7.5 million ADSs, each of which represents five ordinary shares. At Friday's listing price, a sale of that many ADSs would have raised $52.7 million and valued Aslan at $235.7 million...