By Connor Hart
Shares of Medicus Pharma tumbled 39%, to $2.50, on the company's first day of trading Thursday.
The biotechnology and life-sciences pharmaceutical company on Wednesday said it would sell 970,000 units at about $4.13 apiece. Each unit consists of one common share of the company and one warrant to purchase one common share.
The company, which was seeking a valuation of $4 million, said it plans to use net proceeds from its IPO to fund a Phase 2 trial of its treatment of basal cell carcinoma, as well as to expand its trials to cover other non-melanoma skin diseases and for general corporate purposes.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
November 14, 2024 14:26 ET (19:26 GMT)
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