Israel clinical stage specialty pharmaceutical company PainReform has raised $23 million in an Initial Public Offering (IPO) on Nasdaq at a company valuation of $70 million, after money. The Herzliya-based pain therapeutics company focuses on the reformulation of established therapeutics, Trend reports with reference to Globes.
The IPO was held at $8 per share at the lower end of the planned $8-$10 range. The share price lost 15% on its first day of trading using the PRFX ticker.
PainReform was founded in 2007 by Morris Laster one of the founders of BiolineRX, Keryx and XTL who is today the managing partner of OurCrowd's medical venture capital fund.
Maxim Group LLC and Joseph Gunnar & Co., LLC are acting as joint book-runners for the offering.
PainReform has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares and/or warranties.