Scopus BioPharma (NASDAQ:SCPS) stock was soaring higher as the company’s initial public offering (IPO) took place on Thursday.
Here’s what investors interested in SCPS stock need to know about the Scopus BioPharma IPO.
- The company’s IPO launched on Wednesday with shares priced at $5.50 each.
- However, shares of the stock started trading higher than expected at $8.17.
- The company’s IPO has it offering a total of 500,000 shares.
- Scopus BioPharma notes that it plans to use funds from the IPO to fuel the development of its lead candidate immuno-oncology gene therapy to treat multiple cancers.
- The company has several products in the pipeline with all of them being pre-clinical.
- However, one gene therapy treatment in the works is approaching Phase 1 clinical trials.
- This is its drug candidate CO-sTiRNA for treating B-cell Non-Hodgkin’s Lymphoma.
- It’s also working on treatments for Cutaneous T-cell Lymphoma, other solid tumors, and Systemic Sclerosis.
- The Benchmark Company, LLC is serving as the sole book-running manager of the IPO.
- Joseph Gunnar & Co., LLC also acted as the co-manager of the offering.
- Greenberg Traurig is acting as counsel to the company.
- Underwriters for the Scopus BioPharma IPO include Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo, P.C.
- The Scopus BioPharma IPO has caught the eyes of investors with heavy trading taking place yesterday.
- As of this writing, more than 3 million shares have changed hands.
SCPS stock was surging 355.1% higher as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.