Shares of ProNAi Therapeutics (NASDAQ:DNAI) fell a day after the clinical-stage oncology company made its trading debut following an initial public offering.
ProNAi surrendered 2.5 percent to $30.05 at 2:37 p.m. in New York. The shares almost doubled to as high as $33.75 in its trading debut yesterday.
The cancer-drug company raised $137.7 million by selling 8.1 million shares at $17 a share.
The offering followed the July 2 IPO of venture-backed diagnostics company Natera Inc., whose market value has since reached $1 billion.
ProNAi’s top venture investors included Vivo Capital, Frazier Healthcare, OrbiMed Advisors and Adams Street Partners. The Vancouver-based company trades on the Nasdaq under the ticker symbol DNAI.
Jefferies LLC and BofA Merrill Lynch acted as joint book-running managers for the offering. BofA Merrill Lynch is also serving as ProNAi's Strategic IPO Advisor. Wedbush PacGrow and SunTrust Robinson Humphrey acted as co-managers.
ProNAi is pioneering a novel class of therapeutics based on our proprietary DNA interference (DNAi) technology platform.
The company’s lead DNAi product candidate, PNT2258, targets BCL2, a widely overexpressed oncogene that is an important gatekeeper of the programmed cell death process known as apoptosis and has been linked to many forms of cancer.
