City Therapeutics Prices Upsized IPO at $18, Opens at $23 on Nasdaq

City Therapeutics priced its expanded IPO at $18 a share and began Nasdaq trading at $23 Friday, with the clinical-stage drug developer expecting about $200 million in gross proceeds.

The IPO included 11,111,111 shares priced at $18 apiece. Expected proceeds are before underwriting discounts, commissions and estimated offering expenses. Underwriters have a 30-day option to buy up to 1,666,666 additional shares.

The offering expanded from the 9,722,222 shares in City’s preliminary plan. The final price was the midpoint of the proposed $17-to-$19 range.

CTY’s first trade on Nasdaq was $23 at 11:59:36 a.m. ET (15:59:36 UTC) Friday, Oct. 16.

City is developing RNA interference (RNAi) therapies designed to silence proteins linked to disease. Its lead programs target thromboembolic diseases, Stargardt and other retinal diseases, and anemia associated with chronic diseases.