Natick Pharma Firm Raises $109M Via IPO
Karyopharm Therapeutics, a Natick-based clinical-stage pharmaceutical startup, has raised $108.8 million through an initial public offering of stock Wednesday.
Karyopharm sold 6.8 million shares of its stock at $16 per share, more than the 5.7 million shares had it originally planned to offer.
The company’s stock price ended Wednesday at $16.15 after fluctuating between $15.77 and $19.09 during the day.
Karyopharm’s stock is trading on the NASDAQ Global Select Market, under the ticker symbol KPTI. The offering is expected to close Tuesday, subject to closing conditions.
The company, which is developing new drugs targeting cancer and other major diseases, filed a registration statement last month with the U.S. Securities and Exchange Commission.
Karyopharm is pursuing new treatments that return displaced proteins to the nuclei of affected cells, where they can audit the cells for damage in cases where cancer had disabled this process.
The company said it’s pursuing both human and veterinary applications, but added that it will likely be years before it brings a product to market. In May, Karyopharm said it raised $48.2 million in Series B financing, which will be used to bring its lead drug, KPT-330, through full clinical development.
(Correction: An earlier version of this report had the wrong ticker symbol for Karyopharm.)
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