Proteon Therapeutics priced its initial public offering at $10 a share on Tuesday and first-day trading Wednesday morning fluctuated between $10.13 and $12 a share.
The pharmaceutical-development company, founded in the Kansas City area in 2006 and now based in Massachusetts, is being traded on the NASDAQ under the ticker symbol PTRO.
The company is offering 6.11 million shares of common stock.
Underwriters Stifel, JMP Securities, Baird and Oppenheimer & Co., have 30-day options to buy more shares at the IPO price.
Proteon is using the funds to finance continued development and trials of PRT-201, a drug designed to fight arteriovenous fistula, a problem experienced by patients with kidney and vascular diseases who undergo dialysis.
The company’s drug, an elastase, is being tested for its ability to prevent clogging at the dialysis site. It is in a Phase 3 clinical trial and expects to report results in 2017.
The public offering follows a failed deal with the drug giant, Novartis, which didn’t exercise an option to buy Proteon or license PRT-201 last year.
Before the IPO, Proteon had raised about $120 million in private financing, and its major stockholders were TVM Capital, Abingworth Bioventures, Prism Venture Partners, Skyline Venture Partners, Deerfield, and Intersouth Partners.
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