German biopharmaceutical InflaRx, which is developing therapeutics for rare inflammatory diseases, completed a $100 million initial public offering on the Nasdaq Global Select Market.
InflaRx sold just under 6.7 million shares at $15 per share, the mid-point of its expected range. InflaRx is trading under the ticker IFRX. The share rose to a high of $15.48 in their trading debut, but ended the day at $14.99, down 1 cent.
InflaRx’s primary focus is on the development of monoclonal antibodies targeting activation products of the complement system for application in life threatening inflammatory diseases. The complement system is part of the immune system and defends against infection.
The company’s lead product candidate is an experimental therapeutic for hidradenitis suppurativa, a rare inflammatory, chronic skin disease characterized by recurrent, painful, boil-like lumps under the skin. It is a monoclonal antibody that block C5a, an amino acid that is a key player in many acute and also chronic inflammatory processes.
InflaRx has granted its underwriters a 30-day option to purchase up to an additional 1,000,050 common shares at the public offering price, less underwriting discounts and commissions.
November 8, 2017
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