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Biotech Ocean Biomedical withdraws $22 million IPO following completion of SPAC merger

February 16, 2023

Ocean Biomedical, a preclinical biotech developing therapies for cancer, infections, and other diseases, withdrew its plans for an initial public offering on Thursday. It had filed in June 2021 and most recently planned to raise $22 million by offering 2 million shares at a price range of $10 to $12.

In August 2022, the company announced plans to go public via merger with SPAC Aesther Healthcare Acquisition. On Wednesday, Ocean Biomedical began trading on the Nasdaq under the symbol "OCEA".

The Providence, RI-based company was founded in 2019 and had planned to list on the Nasdaq under the symbol OCEA (RC profile ticker: OCEA.XX). Roth Capital and JonesTrading were set to be the joint bookrunners on the deal.