A biotech tests Wall Street's roiled waters and comes away with a $75M IPO haul
Imara didn’t have the prettiest pricing moment for its IPO this week, but it did make it out onto the market — braving a Wall Street storm that has raised a tempest for public companies.
The rare disease player raised $75 million after pricing its shares at $16, the low end of the range. That can’t compete with the upsized debuts that marked the beginning of the year, but it is a sign that investors haven’t abandoned all risk as they look for shelter in a bear market.
A creation of New Enterprise Associates’ orphan drug accelerator Cydan, the biotech is a one trick pony right now, with a mid-stage therapy for sickle cell disease. The biotech licensed small molecule PDE9 inhibitors from Lundbeck with an eye to their ability to influence red blood cell abnormalities.
The biotech will start trading under the $IMRA symbol.