Boulder’s Nivalis Therapeutics upsizes IPO, shares climb on first day

BOULDER — Shares of Nivalis Therapeutics Inc. spiked 27 percent in early trading Wednesday before leveling off a bit following the company’s upsized initial public offering that could now raise more than $88 million.

Boulder-based Nivalis, a clinical-stage company that is developing drug candidates for the treatment of cystic fibrosis, priced its initial public offering of 5.5 million shares at $14 per share on Tuesday night. The company had originally disclosed in regulatory filings that it planned to sell only 4.3 million shares.

If all the shares sell, the IPO would raise $77 million in gross proceeds for the company. But underwriters also have the option of picking up another 825,000 shares at the IPO price, which could add another $11.55 million to the haul.

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The offering is expected to officially close June 22.

Trading on the Nasdaq Global Market under the ticker symbol NVLS, Nivalis shares opened at $16.50 Wednesday and shot as high as $17.84 before leveling off and closing at $14.92, still more than 6 percent above the IPO price.

Nivalis officials were not available for comment Wednesday.

The company, which earlier this year changed its name from N30 Pharmaceuticals, had previously stated that cash from its IPO would be used to continue development of lead drug candidate N91115 and see it through a Phase 2 clinical trial, fund creation of a Phase 3 trial and for other general corporate purposes.