Venture capital-backed biotech company Conatus Pharmaceuticals raised $66m via an IPO on the dipped more than 10 per cent in its first day of trading on the Nasdaq exchange after raising $66m via its IPO.
The firm, which is backed by Aberdare ventures, Advent Venture Capital, AgeChem and MPM Capital, offered six million shares priced at $11 per share. The price is in the middle of its range of $10 to $12 per share.
In addition, underwriters which include Stifel and Piper Jaffray have an option to acquire a further 900,000 shares at the same price to cover over-allotments.
Shares in Conatus fell more than 13 per cent on its first day of trading to close at $9.5 per share.
Conatus is focused on focused on the development and commercialization of medicines to treat liver disease.
The comapny raised its $7.5m Series B round from MPM in April 2011. In December MPM participated in a $50m Series D round for personal genetics company 23andMe.
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