(Bloomberg) -- Two of three US life-sciences companies have so far exceeded or met their goals in initial public offerings Thursday, showing investor appetite for their capital-intensive businesses after a busy stretch of fundraising by peers.
Drug developer Upstream Bio Inc. expanded the size of its share sale to raise $255 million. The company, based in Waltham, Massachusetts, sold 15 million shares for $17 each, according to a statement, after marketing 12.5 million for $15 to $17.
Also Thursday, Camp4 Therapeutics Corp. said in a statement that it sold 6.82 million shares for $11 apiece to raise $75 million. By increasing the size of the offering, Camp4 hit the mid-range of its earlier target even though it priced the shares below the marketed range.
The last of the trio, device maker CeriBell Inc., is seeking to raise almost $170 million in its offering, also set to price Thursday.
The deals follow a spate of IPOs and follow-on offerings last month from companies including Bicara Therapeutics Inc., MBX Biosciences Inc. and Xencor Inc., some of which proved popular enough to be upsized.
Upstream Bio, which is backed by the likes of OrbiMed and TCG Crossover Management, is developing drugs for inflammatory diseases with an initial focus on respiratory disorders like severe asthma.
Camp4 is focused on RNA-based therapeutics with plans to treat rare disorders. Its lead candidate is being developed for a group of severe metabolic diseases and is currently in early-stage development.
CeriBell’s main product is its Ceribell System, which is used to help diagnose and monitor patients with neurological conditions. It plans to use proceeds to fund its sales and marketing efforts and further develop products. A group of existing investors including Longitude Capital and The Rise Fund had agreed to buy about $40 million worth of shares at the IPO price, according to the company’s filings.
Shares of Upstream Bio, Camp4 and CeriBell are expected to begin trading Friday on the Nasdaq Global Market under the symbols UPB, CAMP and CBLL, respectively.
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