Nivalis CFO: IPO proceeds will fund company well into Phase 3 trial program

BOULDER — Nivalis Therapeutics Inc. chief financial officer Michael Carruthers said Thursday that the company will reap in the “low $70 million range” in net proceeds from Wednesday’s initial public offering once standard commissions and fees are paid.

After selling about a quarter more shares than originally planned, the cash infusion should give the company what it needs to operate for more than two years as it works on developing drug candidates for the treatment of cystic fibrosis.

Boulder-based Nivalis (Nasdaq: NVLS) went public Wednesday, selling 5.5 million shares for $14 apiece to raise $77…