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Finance Watch: Recent Upswing Turns Down, But Two Small IPOs Launch

Ocean Biomedical To Go Public Via SPAC Merger

 
• By Mandy Jackson and Jung Won Shin

Shuttle Pharmaceuticals and PaxMedica launch two small initial public offerings in the US as the market awaits a significant IPO. Also, Assertio closed a $70m follow-on offering, Codiak restructures and cuts jobs, and Vilya emerges with $50m in series A venture capital. 

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Two more small biopharmaceutical companies managed to launch initial public offerings recently, bringing the 2022 total to 17 drug developers that have gone public in the US this year, despite the fact that rising valuation gains earlier in the month were largely wiped out by the end of August.

PaxMedica, Inc. launched its IPO on 26 August, grossing $8.1m from the sale of 1.55 million shares at $5.25...

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