Tokai Pharmaceuticals (TKAI) IPO Surges Higher

Today's IPO for Tokai Pharmaceuticals (NASDAQ: TKAI) opened for trading at $18.63 after pricing 6,480,000 shares of common stock at a public offering price of $15.00 per share, the high end of its expected range. Shares have continued higher to $21.30, or up 42%.

BMO Capital Markets, Stifel and William Blair are acting as joint book-running managers for the offering. Janney Montgomery Scott is acting as co-manager.

Tokai Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing novel proprietary therapies for the treatment of prostate cancer and other hormonally-driven diseases. The company's lead drug candidate, galeterone, is a highly selective, multi-targeted, oral small molecule drug candidate that they believe has advantages over existing prostate cancer therapies. They have administered galeterone to over 250 prostate cancer patients and healthy volunteers in Phase 1 and Phase 2 clinical trials. In these trials, galeterone was well tolerated and in multiple prostate cancer populations showed clinically meaningful reductions in levels of prostate specific antigen, or PSA, a biochemical marker used to evaluate prostate cancer patients for signs of response to therapy. The company is currently finalizing plans for a pivotal Phase 3 clinical trial of galeterone based on discussions with the U.S. Food and Drug Administration, or FDA. They anticipate initiating the trial in the first half of 2015 .

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