Duke spin-out Regado Biosciences receives $43m in initial public offering.
Regardo Biosciences has raised $43m in its initial public offering (IPO) through the offering of 10.8 million shares at $4 a share, a revision down from its originally planned $5.
The Duke University biotech spin-out, which is commercialising medical research that is designed to stop blood clotting, will be traded on the Nasdaq under the ticker symbol RGDO.
Prior to announcing the IPO in April, the firm raised $51m in December last year. Regado’s series E round was backed by new and existing investors. RusnanoMedInvest, a subsidiary of the state-run Russian investment firm RUSNANO, led the round. It was joined in participation by another new, US-based investor, Baxter Healthcare’s venture initiative, Baxter Ventures. Existing investors Edmond de Rothschild Investment Partners, Domain Associates, Quaker Partners, Aurora Funds and Caxton Advantage Life Sciences Fund also participated.
Cowen and Company and BMO Capital Markets acted as joint book-running managers for the offering. Canaccord Genuity, Needham & Company and Wedbush PacGrow Life Sciences acted as co-managers.