Banking & Finance March 31, 2021 7:45:33 pm

Edgewise Therapeutics closes out surprise IPO with $202.4M raised

By Dan Mika

BOULDER — Edgewise Therapeutics Inc. (Nasdaq: EWTX) raised $202.4 million in funding from its confidentially filed initial public offering last week, marking the maximum it could have received from the event.

The Boulder developer of genetic therapies for muscular disorders said in a statement that all 12.65 million of shares that were offered to the public were purchased, along with all 1.65 million shares that were reserved for the IPO’s underwriters to purchase at their discretion.

The company did not specify how much of that total will be deducted to cover underwriting fees and other expenses.

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Edgewise kicked off the IPO on Friday after confidentially filing to go public in early March. While the new stocks were priced at $16 per share, the company’s stock price at the market never dipped below $26.10 per share.

The end of the IPO marks a wave contributing to a tsunami of millions of dollars being poured into biotech companies going public in the area. Biodesix Inc. (Nasdaq: BDSX) raised $72 million out of its $79 million target last November, and SomaLogic Inc. announced this week that it plans to go public via a special purpose acquisition company deal that would add up to $651 million in cash to its books.

Meanwhile, Fort Collins-based Cytocom Inc. is in the middle of acquiring Cleveland BioLabs Inc. (Nasdaq: CBLI) in a reverse merger expected to close this spring.