ProQR rises after IPO prices at top of range
NEW YORK (AP) — Shares of ProQR Therapeutics are surging after the Dutch drugmaker's expanded IPO priced at the top of its expected range.
ProQR's offering of 7.5 million shares priced at $13 per share. It had expected to sell 6.3 million shares for between $11 and $13 per share.
The company said Thursday it expects $88.4 million in proceeds after expenses and underwriting discounts.
The stock climbed $4.17, or 32 percent, to $17.17 in midday trading. The shares are trading on the Nasdaq Global Market under the ticker symbol "PRQR."
ProQR Therapeutics NV says it will use the funds from its IPO for clinical development of its lead product candidate, a therapy intended to treat cystic fibrosis, and for preclinical testing of a second drug.