Sophiris Bio shares slump in debutAugust 16, 2013 @ 9:50 am
NEW YORK (AP) - Shares of Sophiris Bio Inc. tumbled Friday after the drug developer slashed the price of its initial public offering while boosting the number of shares being sold.
Sophiris had to raise $65 million by selling 5 million shares for $13 per share. But it said Thursday it would sell 13 million shares at $5 per share instead.
The company's stock lost 66 cents, or 13 percent, to $4.34 in midday trading.
The underwriters of the IPO have the option to buy another 2 million shares.
Sophiris Bio Inc. is based in Vancouver. It is developing a drug intended to treat symptoms of enlarged prostate.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
Not the End
Officials have another trick up their sleeves to help save King County's bus service
Richard Sherman recognized along with Beyonce, Jeff Bezos and the Pope
The FDA is about to regulate a product that helps people quit tobacco
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.