Gemphire IPO staggers into the market, reaping $30M
It takes a really good story to complete a successful biotech IPO these days. The key elements: Hot technology, deep pocket investors, and a hefty crossover round sitting in the bank with a clean shot at an important near-term catalyst.
Gemphire didn’t have any of that. And as a result, it was fortunate to wind up raising half of what it set out to gain when it filed its S-1 back in April.
The Northville, MN-based biotech $GEMP captured $30 million by selling 3 million shares at $10 each. And its shares traded down on its first day, dropping 8%. That fits into the experience of most new biotech IPOs, which generally are not doing well after their debut.
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