Graybug Vision Inc. (GRAY) IPO Opens 19% Higher
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Today's IPO for Graybug Vision Inc. (NASDAQ: GRAY) opened for trading at $19 after pricing 5,625,000 shares of common stock at a public offering price of $16.00 per share.
In addition, Graybug has granted the underwriters a 30-day option to purchase up to an additional 843,750 shares of common stock at the initial public offering price, less underwriting discounts and commissions
SVB Leerink and Piper Sandler are acting as joint bookrunning managers for the offering. Needham & Company and Wedbush PacGrow are acting as passive bookrunners for the offering.
Graybug is a clinical-stage biopharmaceutical company focused on developing transformative medicines to treat chronic diseases of the retina and optic nerve. The company’s proprietary ocular delivery technologies are designed to maintain effective drug levels in ocular tissue for up to six months and potentially longer, improving patient compliance, reducing healthcare burdens and ultimately delivering better clinical outcomes. Graybug’s lead product candidate, GB-102, a microparticle depot formulation of sunitinib malate, inhibits multiple neovascular pathways for the intravitreal treatment of retinal diseases, including wet age-related macular degeneration, with a six-month dosing regimen. Graybug is also using its proprietary technologies to develop GB-401, an injectable depot formulation of a beta-adrenergic prodrug, for primary open-angle glaucoma, with a dosing regimen of once every six months or longer, and GB-103, a longer-acting version of GB-102, designed to maintain therapeutic drug levels in the retinal tissue for 12 months with a single injection. Founded in 2011 on the basis of technology licensed from the Johns Hopkins University School of Medicine, Graybug is headquartered in Redwood City, California.
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