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FibroBiologics (NASDAQ:FBLG), which is developing a treatment for multiple sclerosis, made its market debut via a direct listing of its common stock on Wednesday.
Shares of FibroBiologics opened at $30 in mid-afternoon, ending their first session at $29.10.
In a prospectus filed with the SEC early Wednesday, FibroBiologics said registered stockholders planned to offer 4.8M shares. The company won’t receive any proceeds from the sale.
According to a report by Renaissance Capital, FibroBiologics stock had a reference price of $8 per share.
In an SEC filing, FibroBiologics said that from April to September 2023, it privately placed around 75K of its Series B-1 preferred shares priced between $18 and $20 per share. Upon the direct listing, all of the company’s outstanding Series B and B-1 preferred stock were expected to convert to common stock.
Based in Texas, FibroBiologics is developing fibroblast-based cell therapies. The company’s lead therapy candidate, CYMS101, is in Phase 1 development for the treatment of multiple sclerosis.