KOD - Graybug Vision prices upsized IPO at $16 in line with the expected range
Graybug Vision (GRAY) has priced its upsized initial public offering of 5.628M (from 4.79M) at $16, at the midpoint of the expected range of $15-$17.Underwriters' over-allotment is an additional 843,750 shares.Trading kicks-off today on the Nasdaq Global Market.Offering is expected to close on September 29, 2020With 19.16M shares outstanding, the pricing values the company at $306.5M.The company's major competitors are Hoffmann-La Roche, Kodiak Sciences (KOD), Chengdu Kanghong Pharmaceutical Group, Opthea Limited (CKDXY).Graybug is seeking public funding to advance its lead candidate through Phase 2b trials and into the beginning of Phase 3 trials. The firm's lead candidate, GB-102, in its ADAGIO trial, resulted in '88% of patients who were previously treated with an average of eight injections annually were able to maintain stable central retinal thickness and visual acuity for six months or more with a single injection of 1 mg of GB-102.According to a 2019 market research report, the global market for Wet AMD treatment
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Graybug Vision prices upsized IPO at $16, in line with the expected range