(Bloomberg) -- Artiva Biotherapeutics Inc. shares pared initial gains to end flat in the company’s trading debut after raising $167 million in an expanded initial public offering.
Shares of the clinical stage biotechnology company, backed by South Korea’s Green Cross Corp., traded as high as $16 each before retreating to their $12 IPO price on Friday in New York. Artiva sold almost 14 million shares Thursday, after marketing 8.7 million of them for $14 to $16 each.
The trading gives San Diego-based Artiva a market value of $211 million.
The company focuses on developing so-called natural killer cell-based therapies for patients suffering from devastating autoimmune diseases and cancers, the filings show. Its lead product candidate, AlloNK, is currently being evaluated in combination with B-cell targeted mAbs in patients with those conditions, according to the filing.
Artiva had a net loss of $29 million on revenue of $33.5 million in 2023, compared with a net loss of $59 million on revenue of $4.9 million a year earlier, according to the filings.
GC Corp.’s affiliates were set to remain the largest shareholder with 13.5% beneficial ownership after the offering, the filings show.
The offering was led by Jefferies Financial Group Inc., TD Cowen, Cantor Fitzgerald & Co., Wedbush PacGrow and Needham & Co. The company’s shares trade the Nasdaq Global Market under the symbol ARTV.
(Updates with close of trading in first three paragraphs.)
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