Unum Ther­a­peu­tics stum­bles on its Nas­daq de­but, rais­ing $69M and some trans­paren­cy is­sues

Unum Ther­a­peu­tics is limp­ing out on­to Nas­daq this morn­ing af­ter rais­ing close to $70 mil­lion from the sale of its stock.

Unum priced 5.8 mil­lion shares $UM­RX at $12 each, the bot­tom end of the range. That’s not a de­feat, but it’s no big win, ei­ther.

The Cam­bridge, MA-based biotech at­tract­ed a flur­ry of at­ten­tion when it filed for its IPO, but not for the rea­sons it would have liked. The com­pa­ny re­vealed in its S-1 fil­ing a few weeks ago that two pa­tients in the high-dose arm of a clin­i­cal tri­al for their lead can­cer drug died, forc­ing the FDA to slap a clin­i­cal hold on the tri­al which was dropped just be­fore they made their bid to go pub­lic.

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