Haynes and Boone, LLP lawyers assisted biotechnology client PhaseRx, Inc. in closing an initial public offering of 3,700,000 shares of common stock at a public offering price of $5.00 per share. The offering generated aggregate gross proceeds of $18.5 million before underwriting discounts and commissions and offering-related expenses.
The company's common stock began trading on the NASDAQ Capital Market on May 18 under the symbol "PZRX."
PhaseRx is a preclinical biopharmaceutical company developing a portfolio of orphan drug products for the treatment of inherited enzyme deficiencies in the liver using intracellular enzyme replacement therapy (i-ERT). The company's i-ERT approach is enabled by its proprietary Hybrid mRNA TechnologyTM platform. PhaseRx is headquartered in Seattle.
Laidlaw & Company (UK) Ltd. and Roth Capital Partners acted as joint book-running managers for the offering.