PTI News

The US IPO market in the 1Q16 hit its lowest levels since the depths of the financial crisis in 2008/2009. Not a single deal priced outside of the health care sector, where eight deals managed to raise $0.7 billion thanks to substantial buying by their existing shareholders. The resulting low tradable float also helped to prop up performance, and IPOs averaged a return of 25%, even...read more

The IPO market was poised to raise $1.4 billion from four IPOs this past week, but instead two biotechs raised $145 million. A substantial portion of those proceeds came from insiders, and both biotechs broke issue with an average loss of 17%. With markets off and volatility up; it is more difficult for issuers and IPO buyers to find agreeable price. So far, ...read more

Accounting for 100% of the four IPOs so far this year, biotechs appeared to be the one sector able to generate demand from public investors. But demand is weaker than it seems. Of the nearly $400 million raised, insiders publicly indicated on 31% of proceeds, which is about 50% higher than...read more

Proteostasis Therapeutics, which is developing a protein modulator to treat cystic fibrosis, raised $50 million by offering 6.3 million shares at $8, below the range of $12 to $14. Proteostasis Therapeutics plans to list on the Nasdaq under the symbol PTI. Leerink Partners and RBC Capital Markets acted as lead managers on the deal....read more