(Chapel Hill, N.C.) Cempra (CEMP), a Chapel Hill pharmaceutical firm launched in 2006, went public on the Nasdaq late last week raising $50.4 million in an 8.4 million share offering at $6 per share, well below its target range of $11 to $13. The company, with two oral antibiotics that have completed mid-stage clinical trials, had originally hoped to raise about $72 million by selling 6 million shares.
Shares began trading at $6.18 and hit a high of $6.58 before closing at $6.06. Cempra is the second drug developer to go public nationwide in 2012. The first therapeutic IPO, Massachusetts-based Verastem, a pre-clinical drug developer, generated much more enthusiasm in its debut one week before Cempra’s offering. The company was trading up 10 percent one week after making its debut.
The price to attend the 2010 2010 Southeast Venture Conference (SEVC) is $390 through January 22; after that date, the price goes up to $490 for attendees who register between January 23 and February 23, and $590 at the conference. All previous Southeast Venture Conferences have sold out. Attendees are encouraged to register early to ensure space availability.