Parkinson's biotech NeuroDerm prices IPO below range at $10

NeuroDerm, which is developing a liquid formulation of levodopa for Parkinson's disease, raised $45 million by offering 4.5 million shares at $10, below the range of $13 to $16. NeuroDerm plans to list on the NASDAQ under the symbol NDRM. Jefferies and Cowen & Company acted as lead managers on the deal.

The company's lead candidates are in Phase 2 trials for moderate and severe Parkinson's disease. These subcutaneous drugs offer a 24-hour adjustable dose of levodopa-carbidopa (LD/CD), the current standard of care.