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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