Morningside spawned Stealth Bio’s IPO stumbles out of the gate, raising $78M
Stealth Bio may be rethinking its low-profile approach to an IPO.
The company just launched its initial offering, pricing 6.5 million shares for $MITO at $12 — the low end of the range — and raising $78 million for its work on a pipeline of drugs focused on mitochondrial diseases after applying for an IPO in Hong Kong that never materialized.
Morningside veteran Reenie McCarthy — a lawyer by training — is in charge of the enterprise while Mark Bamberger, a former cardio and metabolic research chief at Pfizer, is CSO.
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