Syndax Pharmaceuticals Inc (NASDAQ:SNDX) had an exciting first session at NASDAQ, as the company held its IPO. The company even visited the NASDAQ site in Times Square, to celebrate the listing. The CEO of SNDX, Briggs Morrison, was even allowed to ring the opening bell, in honor of his company’s IPO.
Syndax is a biopharmaceutical company, in the clinical stage, which is developing and commercializing entinostat. The said drug is targeted at the treatment resistive cancers. The drug not only affects cancerous cells, but immune regulatory cells as well. The process tends to enhance the body’s response to tumors. The CEO of SNDX stated that the goal of his company was to develop a future where cancer patients live longer and healthier lives.
The executive VP of Listing Services at NASDAQ, Nelson Griggs, boasted that NASDAQ is becoming the listing of choice for companies, committed to providing breakthrough solutions. He further clarified that NASDAQ would support the growth of SNDX, as it continues with its clinical development programs, to offer advanced cancer treatment solutions. Currently, NASDAQ has 90% of US healthcare companies and 95% of biotechnology companies listed. Furthermore, all IPO’s in 2016, so far, have been conducted on NASDAQ.
Syndax had initially announced that it would be listing a total of 4,400,000 shares for its IPO, at a share price of $12. However, the stock quickly gained momentum and was trading at $12.44, gaining 0.08%, during the trading session. The company had expected to raise a total of $52.8 million, but certainly looks to do much better than that. Added to this, SNDX had announced that underwriters would be given a 30-days period for purchase of 660,000 additional shares, at the IPO prices. The IPO is expected to close on March 8, but is still subject to some closing conditions.
Syndax Pharmaceuticals Inc (NASDAQ:SNDX) had a trade volume of 1.92 million, during its very first session on NASDAQ, on March 3. The stock closed at a share price of $12.01.
