Proteostatis's IPO Prices Well Below Expected Range, But Sells More Shares

By Tomi Kilgore Markets MarketWatch Pulse

Proteostasis Therapeutics Inc. said Thursday its initial public offering of 6.25 million shares priced at $8 a share, well below the expected per-share range of $12 to $14. The amount of shares the biopharmaceutical company sold was above the 3.85 million shares they had expected to sell, according to a regulatory filing out earlier this week. The company raised $50 million in its IPO, compared with expectations of $46.2 million to $53.9 million at the previously-expected number of shares and expected price range. Leerink Partners and RBC Capital Markets acted as joint book-running managers of the IPO. The stock is expected to being trading on Nasdaq Thursday, with the ticker symbol "PTI."

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