- Oncology-focused biotech firm Cyteir Therapeutics (CYT) ended lower on trading debut after rising as much as ~13.8% intraday Friday following an IPO priced at $18.00 per share.
- Shares opened at $16.50 at about 12:30 PM ET, down ~8.3% from the initial public offering’s price, but quickly pared losses to reach $18.78 by 12.35 PM ET.
- The company had initially priced the offering at $16.00 – $18.00 apiece consisting of ~7.4M shares. Underwriters' over-allotment is an additional ~1.1M shares.
- Net proceeds estimated at $114.3M assuming an offering price of $17.00 per share are intended for operational activities including the clinical development of its lead asset CYT-0851.
- CYT-0851 is an inhibitor of homologous recombination (HR) a DNA repair pathway critical for the survival of some cancers.
- The oral small molecule is currently undergoing a Phase 1/2 trial as monotherapy in solid tumors and blood cancers. With net proceeds and existing liquidity, the company intends to advance it to a monotherapy Phase 2 trial.
- Seeking Alpha contributor Donovan Jones is bullish on Cyteir noting among other things that its IPO is “worth consideration for patient life science investors.”
Cyteir Therapeutics closes lower on first day of trading
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Symbol | Last Price | % Chg |
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CYT | - | - |
Cyteir Therapeutics, Inc. |