Novo-backed CoLucid Pharmaceuticals secured $55m in the offering, and will use the proceeds to advance its migraine treatment through clinical trials.

CoLucid Pharmaceuticals, a US-based company working on a treatment for migraines backed by investors including pharmaceutical firm Novo, raised $55m in its initial public offering yesterday.

The company issued 5.5 million shares on Nasdaq priced at $10.00 each, below its $13-$15 range.

Founded in 2005 by venture capital firm Pappas Ventures, CoLucid’s lead drug candidate is an oral treatment for migraines called lasmiditan. The company secured $37m in a January 2015 series C round to fund a Phase 3…