IPO roundup: 5 companies go public Wednesday
Five companies made their stock market debuts Wednesday. They are the latest initial public offerings to hit the market in 2014 after high demand for IPOs in the last year as stock markets rose.
Here's a look at how the companies that began trading fared Wednesday:
AUSPEX PHARMACEUTICALS INC.
The San Diego-based company develops drugs for rare diseases, such as involuntary movement associated with brain disorder Huntington's disease. It raised $84 million after offering 7 million shares at $12 per share. Auspex plans to use the money raised to develop drugs and continue clinical trials. Its stock, which is listed on the Nasdaq stock exchange under the ticker symbol "ASPX," rose $3.66, or 30.5 percent, to close at $15.66.
The company makes blood tests that help cancer doctors select the right treatment for their patients. The San Diego-based company raised $19 million after offering 1.9 million shares at $10 per share. It plans to use the cash it raised to hire sales and marketing employees, fund research and development and buy equipment. Its shares are listed on the Nasdaq under the ticker symbol "BIOC" and fell 60 cents, or 6 percent, to $9.40.
CONTINENTAL BUILDING PRODUCTS INC.
The Reston, Va.-based company makes and sells drywall in the eastern U.S. and Canada. It raised about $165 million after offering 11.8 million shares at $14 per share. Continental Building Products said it will use the money it raises to pay off debt. Its stock is listed on the New York Stock Exchange under the symbol "CBPX." Shares rose $1.19, or 8.5 percent, to $15.19.
GENOCEA BIOSCIENCES INC.
The Cambridge, Mass.-based company is developing vaccines to treat the herpes simplex virus, malaria and other diseases. It raised $66 million after offering 5.5 million shares for $12 per share. It plans to use the money raised to pay for drug research and development. The shares are listed on the Nasdaq under the ticker symbol "GNCA." They fell $1, or 8.3 percent, to $11.
The company, based in Amsterdam, develops gene therapies. It raised $91.8 million after offering 5.4 million shares at $17 per share. It will use the money raised to finish building a manufacturing facility in Lexington, Mass., and for clinical trials. Its shares are listed on the Nasdaq under the ticker symbol "QURE." They fell $2.39, or 14.1 percent, to $14.61.