The advanced cell therapy for chronic wound therapy company pricing of the shares at $10 was well below the $13-15 range that the company had planned.
Regenerative medicine developer Macrocure Ltd. has raised $54 million in its Nasdaq IPO by offering 5.35 million ordinary shares at $10 per share. This was well below the range of $13-15 that the Petah Tikva based company had planned.
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MacroCure has developed a system for treating hard-to-heal wounds using white blood cells from donor blood. The company said that its CureXcell product showed a 90% reduction rate in patients with deep wound infections in Israeli clinical trials.
The shares will begin trading today under the “MCUR” ticker. Macrocure has granted the underwriters a 30-day option to purchase up to 802, 500 additional shares with the offering closing on August 5.
Credit Suisse Securities (USA) LLC and Jefferies LLC are acting as joint book-running managers for the offering. Nomura Securities International, Inc. and Oppenheimer & Co. Inc. are acting as co-managers.
Macrocure develops, manufactures and commercializes novel cell therapy products to address unmet needs in the treatment of chronic and other hard-to-heal wounds, such as diabetic foot ulcers (DFUs) and venous leg ulcers (VLUs). The company’s novel approach is to treat and close chronic and other hard-to-heal wounds by injecting the human body’s own wound healing and regenerative components directly into the wound itself.