- Shares of Rani Therapeutics Holdings began trading publicly on the ASX on 30 July 2021.
- The California–based company generated US$73.3 million from 6.7 million shares priced at US$11 a share.
- The company had targeted a public offering of nearly US$100 million.
Shares of Rani Therapeutics Holdings (NASDAQ:RANI) began trading publicly on the ASX on 30 July 2021. Rani Therapeutics raised nearly US$73 million on its debut.
The shares, which were estimated to be priced between US$14 and US$16, made a debut at nearly US$11.
The San Jose, California–based company generated US$73.3 million from 6.7 million shares priced at US$11 a share in its underwritten initial public offering (IPO) of Class A common stock. The company had targeted a public offering of nearly US$100 million.
The stock of oral capsule developer is currently trading 0.47% higher at US$10.80.
Source: © Jojojojo | Megapixl.com
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Rani Therapeutics is a clinical-stage biotherapeutics company which develops technologies to enable the development of orally administered biologics. The company believes that the technology has the potential to transform medicine and improve patient outcomes.
Rani Therapeutics has developed the RaniPill™ capsule, which is intended to replace subcutaneous or IV injection of biologics with oral dosing.
Several preclinical and clinical studies have already been successfully conducted by the firm to evaluate safety, tolerability and bioavailability using the RaniPill™ capsule.
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Source: © leezhun | Megapixl.com
The company is also developing drugs already approved by the FDA, including:
- Octreotide for acromegaly or neuroendocrine tumours in the GI tract (NETs)
- TNF-alpha inhibitors for psoriatic arthritis
- Parathyroid hormone (PTH) for osteoporosis
- Parathyroid hormone for hypothyroidism
The company has reported significant losses in the past years. In 2019 and 2020, Rani Therapeutics’ losses stood at US$26.6 million and US$16.7 million, respectively. The company’s deficit was US$119.6 million as of March 2021.
Since its launch, the company has raised nearly US$211.5 million in funding. It doesn’t include cash proceeds from the IPO. The company plans to use the US$73 million raised from the public offering to fund the investigation device exemption (IDE) study and pursue additional clinical trials.
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