Singapore-based drugmaker Aslan Pharmaceuticals priced its IPO today way under Wall Street’s expectations, bringing in a little more than half the target haul it announced in March.
The company raised $42 million in the public offering Friday, a far cry from the $86 million it first set intentions for in a SEC filing just six weeks prior. It offered 6 million shares at $7.03, listing on the Nasdaq under the ticker $ASLN. Aslan’s stock dropped pretty immediately, sinking as low as 26% this morning to $5.28 per share. Although it’s climbing up as the hours tick by, the stock is still trading at about 18% below open as of press time.
With a lead oncology drug in a pivotal study for biliary tract cancer and a slate of key catalysts coming up in other trials, Aslan plans to use the proceeds to push forward its pipeline. Helmed by Carl Firth — the former BD chief for AstraZeneca in Asia who owns 4.7% of the stock — Aslan has a global strategy to roll out its cancer drugs in China, the US, and Europe. The lead product candidate is varlitinib, a pan-HER drug that is also in the clinic for gastric, breast and colorectal cancers.
The best place to read Endpoints News? In your inbox.
Comprehensive daily news report for those who discover, develop, and market drugs. Join 44,100+ biopharma pros who read Endpoints News by email every day.Free Subscription