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Zhitong
2023.09.16 02:10
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Biotech company RayzeBio surges over 33% on its first day of trading, with an IPO price of $18 per share.

Biotech company RayzeBio made its debut on Nasdaq on Friday, with its stock soaring 33.33% on the first day of trading to close at $24.00.

According to Dolphin Research APP, biotechnology company RayzeBio (RYZB.US) made its debut on NASDAQ on Friday, with its stock closing up 33.33% on the first day at $24.00 per share. The IPO price for the stock was $18 per share.

RayzeBio issued a total of 17.28 million common shares in this IPO. Among them, the company issued 16.11 million common shares, while existing shareholders sold 1.16 million common shares. RayzeBio will not receive any proceeds from the sale of shares by shareholders. The company is expected to generate approximately $290 million in total revenue from this offering.

Information shows that RayzeBio is a Phase III biotechnology company specializing in the development of radioactive drugs for cancer treatment. It was founded in 2020 and is headquartered in California, USA. The company utilizes targeted radioisotopes, such as Actinium-225, to improve the prognosis of cancer patients. Radioisotope Pharmaceutical Therapy (RPT) is considered one of the most promising new approaches for treating solid tumors, where the same drug conjugate can be used for both diagnostic imaging and therapeutic purposes by switching the radioisotope.

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