Jyong Biotech Prices $20 Million IPO

MT Newswires Live06-17

Jyong Biotech said Monday that it priced its initial public offering of about 2.7 million ordinary shares at $7.50 per share, for expected gross proceeds of about $20 million.

The shares have been approved for listing on the Nasdaq Global Market and are expected to start trading on Tuesday under the ticker symbol "MENS". The offering is expected to close on Wednesday.

The company, which specializes in the treatment of urinary system diseases, also granted the underwriters a 45-day option to buy up to an additional 400,000 shares to cover possible over-allotments.

Jyong said it plans to use the net proceeds to fund clinical trials, new drug applications, and for other general corporate purposes.

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