SteadyMed (STDY) IPO Opens Lower

Today's IPO for SteadyMed Ltd., (NASDAQ: STDY) opened for trading at $8.06 after pricing its initial public offering of 4,700,000 ordinary shares at a price to the public of $8.50 per share, below the expected $12-$14 range. The size of the offering was raised from 4,250,000 shares.

All of the ordinary shares are being offered by SteadyMed. In addition, SteadyMed has granted the underwriters a 30-day option to purchase up to an additional 705,000 ordinary shares.

Wells Fargo Securities, LLC and RBC Capital Markets, LLC are acting as joint book-running managers for the offering. JMP Securities LLC is acting as lead manager.

SteadyMed Ltd. is a specialty pharmaceutical company focused on the development of drug products to treat orphan and high value diseases with unmet parenteral delivery needs. The company's lead candidate is Trevyent, a development stage drug product that utilizes SteadyMed's PatchPump technology to administer treprostinil, a vasodilatory prostacyclin analogue to treat pulmonary arterial hypertension. PatchPump is a proprietary, disposable, parenteral drug administration platform that is prefilled and preprogrammed at the site of manufacture. SteadyMed has offices in San Ramon, California and Rehovot, Israel.

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