Sophiris Bio shares slump in debut

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 This material may not be published, broadcast, rewritten or redistributed.)

Top Stories

  • Light Rail Crime
    Dori says he won't ride mass transit because politicians have let criminals take over

  • History of Seafair
    We take a look back at how Seafair became a Seattle tradition
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
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.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.