ORIC Pharmaceuticals followed in the footsteps of the other biotechs that have managed to go public this month, selling more shares than it expected for a haul of $120 million.
The South San Francisco, CA-based company—whose name is an acronym for “overcoming resistance in cancer”—priced its IPO late Thursday, offering 7.5 million shares at $16 apiece, the top of its anticipated pricing range.
Last month when ORIC filed documents outlining its plans, it set a preliminary target of $86 million. Yesterday, it increased that to $94 million, anticipating an offering of 6.25 million shares in that same range.
Shares of the Phase 1 cancer drug developer were anticipated to start trading Friday on the Nasdaq exchange under the ticket symbol “ORIC.”
The company says it will use the proceeds to finish a pair of ongoing Phase 1b trials studying its lead drug, ORIC-101, in combination with enzalutamide (Xtandi) in prostate cancer and nab-paclitaxel (Abraxane) in advanced or metastatic solid tumors. Interim data from each trial, which is evaluating the drugs for their potential to tackle drug-resistant cancers, are expected next year. Read more about ORIC’s origins here.