BioCentury
ARTICLE | Financial News

PhaseBio, Osmotica price NASDAQ IPOs well below range

October 19, 2018 6:14 PM UTC

Cardiopulmonary company PhaseBio Pharmaceuticals Inc. (NASDAQ:PHAS) and neurology and women's health company Osmotica Pharmaceuticals plc (NASDAQ:OSMT) each priced IPOs well below their proposed ranges late Oct. 17. PhaseBio trading ended flat at $5 on Oct. 18, while Osmotica was up $1.15 (17%) to $8.15.

PhaseBio raised $46 million by pricing 9.2 million shares at $5. It had hoped to sell 5 million shares at $12-$14. The offering price valued PhaseBio at $118.9 million; At the range’s $13 midpoint, a sale of 5 million shares would have raised $65 million and valued PhaseBio at $254.6 million. Underwriters are Citigroup, Cowen, Stifel and Needham...