Sophiris raises $65M, lists on NASDAQ

Sophiris Bio Inc. (TSX:SHS; NASDAQ:SPHS) began trading on NASDAQ on Friday and raised $65 million through the sale of 13 million shares at $5 in a follow-on underwritten by Citigroup; Leerink; Stifel; and Lazard. Sophiris was off $0.85 (17%) to $4.15 on Friday in its first day on NASDAQ. In Toronto, the stock was off C$5.85 (58%) to C$4.30.

Sophiris first announced plans to list on NASDAQ and raise up to $74.8 million in a follow-on in February. On Thursday, the company said it was aiming to raise about $65 million in the follow-on through the sale of 13 million shares at about $5. Earlier this month, the company had said it hoped to sell 5 million shares at about $13. ...