Unity Biotechnology, Inc. UBX went public on Thursday under the stock symbol UBX.
What Happened
The company issued 5 million shares at $17 each, raising $85 million in its initial public offering. It had previously set $16 to $18 as a price range for its shares. The stock opened for trading at $19 or approximately 12 percent above the IPO price.
Why It's Important
The company is developing medicines that potentially halt, slow or reverse age-associated diseases and it has yet to show that its drugs are successful. It is planning to initiate a Phase 1 clinical trial in osteoarthritis and recently raised $55 million for this purpose. Unity is also planning clinical trials for UBX 1967, a potential treatment for ophthalmologic diseases.
What's Next
Unity has granted underwriters a 30-day option to purchase an additional 750,000 shares of common stock at the initial public offering price less the underwriting discounts and commissions. The offering is expected to close on May 7.
The stock pulled back after a strong start and closed Thursday's trading session down 2.06 percent at $16.65.
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