13th Feb 2023 18:45
(Alliance News) - RTW Venture Fund Ltd on Monday welcomed news of the pricing of an upsized initial public offering by one of its portfolio companies, Mineralys Therapeutics Inc.
RTW, an investment company focused on the biopharmaceutical and medical technology sectors has a stake in Mineralys worth around 0.3% of total net asset value and participated in a USD118 million financing round in June 2022.
Mineralys' IPO raised USD192.0 million by offering 12 million shares at USD16.00 each which was at the top end of market expectations.
On the first day of trading, Mineralys' share price rose 15.3%, to close at USD18.44 per share.
The clinical-stage biopharmaceutical firm is focused on developing medicines to target diseases driven by abnormally elevated aldosterone with its lead product, lorundrostat, expected to begin Phase 3 clinical trial in the first half of the year.
Shares in RTW closed up 0.4% at USD1.34 on Monday in London.
By Jeremy Cutler, Alliance News reporter.
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Shares in RTW Venture Fund closed up 0.4% at USD1.34 in London on Monday.
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