Published: November 10, 2023 at 7:01 am ET
Cargo Therapeutics CRGX, a clinical-stage biotech company specializing in cancer treatments, said late Thursday that its initial public offering was trading at $15 a share, at the low end of its price range. The company sold 18.8 million shares to raise $282 million at a valuation of $580.5 million. JP Morgan, Jefferies, TD Cowen and Truist Securities were the underwriters of the deal. You have a 30-day option to purchase up to 2.8 million additional shares. Proceeds will be used to fund clinical development, research and development, as well as working capital and other general corporate purposes. The company makes advance income and makes losses, as is often the case…
Cargo therapeutics
CRGX
,
a clinical-stage biotech company specializing in cancer treatments, said late Thursday that its initial public offering was priced at $15 a share, at the low end of its price range. The company sold 18.8 million shares to raise $282 million at a valuation of $580.5 million. JP Morgan, Jefferies, TD Cowen and Truist Securities were the underwriters of the deal. You have a 30-day option to purchase up to 2.8 million additional shares. Proceeds will be used to fund clinical development, research and development, as well as working capital and other general corporate purposes. The company makes advance revenue and incurs losses, as is often the case with biotech companies without approved drugs. The stock will begin trading on the Nasdaq later Friday under the ticker symbol “CRGX.” The Renaissance IPO ETF
initial public offering
has gained 25% year to date, while the S&P 500
SPX
has gained 13%.
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