BUZZ - Aspen Neuroscience completes $141 million US IPO, stock price falls on first day of Nasdaq listing

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October 30 - ** Drug developer Aspen Neuroscience (ASPE.O) saw its share price drop 6% on its first day of trading on Nasdaq, after the company completed a $141 million U.S. initial public offering (IPO).

** The opening price was $14.70 per share, below the IPO pricing of $15 per share.

** Headquartered in San Diego, California, ASPE is focused on developing therapies for neurodegenerative diseases. The company sold 9.38 million shares at the bottom of its $15 to $17 per share range (link) (link).

** Its lead candidate drug, sasineprocel, is currently in early to mid-stage clinical trials for the treatment of Parkinson’s disease.

** “Looking back at the successful biotech listings in recent years, it’s clear that IPOs generally favored larger companies and those with assets beyond the preclinical stage,” said IPOX analyst Lukas Muehlbauer.

** Leerink Partners, Piper Sandler, Stifel, UBS Investment Bank, and Oppenheimer served as joint bookrunners.

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