Having priced its shares at the top of its range, UChicago spinout Pyxis Oncology suffered a drop on the first day of trading.
Pyxis Oncology, a US-based cancer therapy developer spun out of University of Chicago (UChicago), issued 10.5 million shares priced at $16 to raise $168m in an upsized initial public offering on Friday.
Although the price marks the top end of Pyxis’ range and shares opened at $18.88, they crashed to $13.20 by the end of the first day of trading on the Nasdaq Global Select Market, where Pyxis is now listed under PYXS.
Founded in 2018, Pyxis is developing antibody-drug conjugates (ADCs) and immunotherapies for cancers that are difficult to treat. It advances work by Thomas Gajewski, the AbbVie Foundation professor of pathology at UChicago.
Gajewski co-founded the spinout with John Flavin, then the associate vice-president of entrepreneurship and innovation at UChicago.
A total of $140m has been allocated to the preclinical development of the spinout’s three programmes and, should these be successful, the progression into the…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
