Bellerophon Therapeutics (BLPH) IPO Opens 17% Lower

Today's IPO for Bellerophon Therapeutics (NASDAQ: BLPH) opened for trading at $10 after pricing 5,000,000 shares of its common stock at a public offering price of $12.00 per share, below the expected $14-$16 range.

In addition, Bellerophon has granted the underwriters an option to purchase up to 750,000 additional shares of common stock at the public offering price, less the underwriting discount.

Leerink Partners LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. SunTrust Robinson Humphrey, Inc. and FBR Capital Markets & Co. are acting as co-managers.

Bellerophon Therapeutics is a clinical-stage biotherapeutics company focused on developing innovative therapies at the intersection of drugs and devices that address significant unmet medical needs in the treatment of cardiopulmonary and cardiac diseases. Two of the company's product candidates are based on its proprietary pulsatile nitric oxide delivery device, INOpulse, one for the treatment of pulmonary arterial hypertension and a second for the treatment of pulmonary hypertension associated with chronic obstructive pulmonary disease. Bellerophon's other program is bioabsorbable cardiac matrix, or BCM, which is being developed for the prevention of cardiac remodeling and subsequent chronic heart failure following acute myocardial infarction, commonly known as a heart attack.

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