Biotech Values

[DewDiligence]

IMRA IPOs 5.18M* shares @$16.00—the low end of expected range:

https://www.renaissancecapital.com/IPO-Center/News/67692/Phase-2-rare-disease-biotech-Imara-prices-IPO-at-$16-low-end
https://imaratx.com/

Committed to making a difference for patients, their families and the broader communities affected by sickle cell disease and beta-thalassemia… Our pipeline is built on the differentiated therapeutic potential of our initial product candidate, IMR-687, a highly selective, potent small molecule inhibitor of PDE9. IMR-687 is an oral, once-a-day, potentially disease-modifying treatment for rare hemoglobinopathies.

According to the above PR from Renaissance Capital, IMRA’s fully-diluted market cap is $283M.

Why did IMRA IPO in this kind of market? The IBs must have convinced management that they'll get a worse price by waiting.

*Assuming exercise of underwriter’s option.