The cancer drug developer, which counts Novo Nordisk among its shareholders, floated below its range, but issued a larger number of shares than expected.
Germany-based biotechnology company Affimed Therapeutics has raised $56m from an initial public offering, Reanaissance Capital reported on Friday.
The Novo Nordisk-backed company issued 8 million shares priced at $7.00 each, significantly lower than the $11-13 range set previously, which would have involved the issuing of 6.25 million shares.
Affimed is developing cancer immunotherapies that would aid the body’s immune system in fighting off cancerous tumours. It plans to put $35m of the proceeds into research and development expenses for its…
