Brisk rally for Vaxxinity (VAXX) shares on first trading day
21:35, 11 November 2021
Dallas, Texas-based biotech Vaxximity's initial public offering (IPO) of $13 per share – below the bottom of the expected price range – rose rapidly on its first day of trading Thursday, hitting a high of $22.77 before closing at $16.55.
Initially, the price range for the shares was expected to be $14 to $16.
Vaxxinity (VAXX) offered 6 million shares, 700,000 fewer than originally anticipated. The company raised $78m (£58.4m). In its prospectus, it stated the proceeds would be used to fund product development, and for general working capital, capital expenditures, and other general corporate purposes
Vaccines for chronic diseases
Vaxxinity’s research is focused on creating vaccines to treat chronic diseases. The company hopes its products, which are in various stages of development, could treat a variety of illnesses including Alzheimer’s disease, Parkinson’s disease, Dementia with Lewy bodies, multiple system atrophy, migraines and hypercholesterolemia. The company is also working on Covid-19 prevention.
The technology being developed by Vaxxinity uses synthetic peptides to “harness the immune system to convert the body into its own drug factory, stimulating the production of antibodies with a therapeutic or protective effect.”