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FibroBiologics (NASDAQ:FBLG), an innovative enterprise dedicated to combatting multiple sclerosis, took the plunge into the market via a direct listing of its common stock on Wednesday.
Stirring the auspicious occasion, FibroBiologics saw its shares opening at $30 in mid-afternoon, concluding their initial session at $29.10.
In a prospectus unveiled with the SEC today, FibroBiologics disclosed that registered stockholders intended to offer 4.8M shares. Notably, the company itself will not receive any proceeds from this transaction.
Reportedly, FibroBiologics stock held a reference price of $8 per share, as detailed by Renaissance Capital.
Moreover, an SEC filing has brought to light that between April and September 2023, FibroBiologics privately placed around 75K of its Series B-1 preferred shares, valued between $18 and $20 per share. Intriguingly, with the advent of the direct listing, the entire gamut of the company’s outstanding Series B and B-1 preferred stock were due to convert to common stock.
Hailing from Texas, FibroBiologics is renowned for its pioneering work in the realm of fibroblast-based cell therapies. The company’s front-running therapy candidate, CYMS101, is currently in Phase 1 development for the treatment of multiple sclerosis.
Exploring FibroBiologics, Inc. in Detail
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