NEW YORK (AP) -- Shares of PTC Therapeutics Inc. are climbing in morning trading after the drug developer completed its initial public offering.
PTC shares rose $1.55, or 10.3 percent, to $16.55 in midday trading, after earlier spiking to $16.90.
PTC's IPO of 8.4 million shares priced at $15 per share, which was toward the high end of the South Plainfield, N.J., company's expectations. The stock is now trading on the Nasdaq Global Select Market under the ticker symbol "PTCT."
PTC says it expects to raise about $114.2 million from the IPO after expenses and other items. It will use those funds for working capital and drug research. The company's most advanced product is ataluren, which is intended to treat genetic disorders that stem from a genetic mutation known as the "nonsense mutation."