Biotie Therapies Surging Following IPO Debut
Shares of Biotie Therapies Corp. (NASDAQ: BITI) traded higher by more than 39 percent in their public debut.
The Finland-based firm is a specialized drug development company focused on products for neurodegenerative and psychiatric disorders. The company is developing a therapy to extend the efficacy of levodopa for Parkinson's disease.
Biotie also developed a product called Selincro to treat alcohol dependence. The therapy is commercialized by Lundbeck and remains a source of potential milestone payments and continuing royalties.
Shares began trading for the first time just before 11:00 AM on Thursday at $16.25 after originally pricing its offering of 3.76 million shares at $14.88/ADS. Shares of the company currently trade on the Finnish stock exchange under the ticket BTHV1.
Shares rose as high as $20.84 in Biotie's first day, but gave back some of the gains as volume tapered.
The company reported revenue of $871,000 in its first quarter (ending March 31) and recorded revenue of $5.10 million in 2014.
The company plans on using the proceeds from its IPO to fund its Phase 3 double-blind clinical trial on Tozadenant in Parkinson's through completion.
In addition, there are two other product candidates in its pipeline: SYN120 (for Parkinson's disease, dementia and Alzheimer's disease) and BTT1023 (treatment for primary sclerosing cholangitis). Both of these therapries are in early Phase 1 and 2 clinical trials.
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