New York, Aug. 4 - Osiris Therapeutics, Inc. priced its $38.5 million initial public offering at the low end of the expected range.
The Baltimore-based stem cell therapeutic company sold 3.5 million shares at $11.00 each, at the bottom of the $11 to $13 talk.
The deal has an over-allotment option for 525,000 shares.
Jefferies & Co. was bookrunner for the sale, with Lazard Capital Markets as joint lead and Leerink Swann & Co. as co-manager.
Osiris' stock began trading on the Nasdaq Global Market under the symbol "OSIR."
Proceeds will be used to fund business growth, including clinical trials and preclinical research and development, to repay a $20.6 million promissory note and for general corporate purposes.
Issuer: | Osiris Therapeutics, Inc.
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Issue: | Initial public offering of common stock
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Amount: | $38.5 million
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Shares: | 3.5 million
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Greenshoe: | 525,000
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Price: | $11.00
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Bookrunner: | Jefferies & Co.
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Pricing date: | Aug. 3, after close
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Symbol: | Nasdaq: OSIR
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Talk: | $11.00 to $13.00
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