TRACON Pharmaceuticals (TCON) IPO Opens Modestly Lower

Today's IPO for TRACON Pharmaceuticals, Inc. (Nasdaq: TCON) opened for trading at $9.90 after pricing 3,600,000 shares of common stock at a price to the public of $10.00 per share.

Wells Fargo Securities and Stifel are acting as joint book-running managers for the offering. Needham & Company, LLC and Oppenheimer & Co. Inc. are acting as co-managers.

TRACON develops targeted therapies for cancer, age-related macular degeneration and fibrotic diseases. TRACON's current pipeline includes two clinical stage product candidates: TRC105, an anti-endoglin antibody that is being developed for the treatment of multiple solid tumor types, and TRC102, a small molecule that is being developed for the treatment of lung cancer and glioblastoma. Both TRC105 and TRC102 are being developed for treatment in combination with currently available therapies.

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