Goodwin Procter client Tranzyme Pharma recently completed its initial public offering of 13.5 million shares of its common stock at $4 per share. Tranzyme is a clinical-stage biopharmaceutical company located in Durham, NC focused on discovering, developing and commercializing novel, first-in-class small molecule therapeutics for the treatment of acute and chronic gastrointestinal motility disorders.
The shares priced on April 1 and began trading the following Monday on the NASDAQ Global Market under the ticker symbol TZYM. All of the shares in the offering were offered by the company, and Tranzyme will receive $48.2 million in net proceeds, not including the over-allotment option.
While the capital markets continue to be extremely difficult for biotech companies trying to go public, Tranzyme was able to fully fund its clinical programs.