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Investing.com -- MapLight Therapeutics (NASDAQ:MPLT) began trading on Nasdaq Global Market Monday at $19 per share, exceeding its initial public offering price of $17 per share.
The clinical-stage biopharmaceutical company, which focuses on developing treatments for central nervous system disorders, priced its IPO at $17 per share for 14,750,000 shares of common stock.
MapLight also announced a concurrent private placement of 476,707 shares at the $17 IPO price to affiliates of Goldman Sachs & Co. LLC, including certain investment funds managed by the firm. These privately placed shares will not be registered under the Securities Act of 1933.
The combined gross proceeds from the IPO and private placement are expected to reach $258.9 million before deducting underwriting discounts, commissions, and offering expenses. The company has also granted underwriters a 30-day option to purchase up to an additional 2,212,500 shares at the initial offering price, less underwriting discounts and commissions.
Morgan Stanley, Jefferies, Leerink Partners, and Stifel are serving as joint book-running managers for the offering.
MapLight Therapeutics was founded by recognized leaders in psychiatry and neuroscience research to develop circuit-specific pharmacotherapies. The company’s lead product candidate, ML-007C-MA, is an oral, extended-release combination therapy currently in Phase 2 clinical trials for schizophrenia and Alzheimer’s disease psychosis treatment.
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