Mikko Lemola
Telomir Pharmaceuticals (NASDAQ:TELO) shares were down nearly 30% in early afternoon trading Friday following the drug developer’s $7M initial public offering.
Shares of Telomir opened at $7 after being priced at the same, reaching a high of $7.03 and a low of $4.77. The stock recently sold at $5, down 29%, at around 1:25 p.m. ET.
Telomir offered 1M shares priced at $7 per share. Underwriters were granted an option to buy up to 150K additional shares to cover any over-allotments. Kingswood Investments is serving as sole bookrunner.
Based in Baltimore, Telomir’s lead drug, Telomir-1, is in preclinical development for the potential treatment of hemochromatosis and post-chemotherapy recovery.
Telomir first filed for the IPO in November, indicating it was looking to raise around $14M.
