Versartis debuts strongly but revenues are far away

Investors stampede into IPO Versartis (VSAR). Recent prices are up 71% on 3.8M shares. The company raised $126M by offering 6M shares at $21, the high end of its range, but opened at $28.

The company's lead product, VRS-317, is a recombinant growth hormone currently in a phase 2a clinical trial. Its value proposition is its longer half life versus current therapies. Injections are required once/month instead of daily.

The firm has yet to generate sales. Operations burned $17M last year.

Cash and equivalents at year end was $13.2M.

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