The Chalmers University of Technology back pain injection spinout floated in an IPO that was oversubscribed by more than four-fold.

Stayble, a Sweden-based back pain treatment developer spun out of Chalmers University of Technology, has closed a SEK27.1m ($3.6m) public listing on the Nasdaq First North Growth Market.
The listing was oversubscribed by more than four-fold and was closed ahead of schedule. More than 4,000 investors expressed interest in taking up shares.
Founded in 2015, Stayble is working on a lactic acid-based injection, called STA363, for chronic low back pain caused by injury to the patient’s spinal discs.
STA363 is intended to permanently alleviate back pain by strengthening the disc’s connective tissue, offering an alternative to existing analgesic drugs and surgery.
The IPO proceeds are set to fund a phase 2b clinical trial of STA363 slated to launch in the second quarter of 2020. Stayble was co-founded by Kjell Olmarker, a professor in the Chalmers Department of Medical Biochemistry and Cell Biology, and Andreas Gerward, who acts as the spinout’s CEO.
Stayble had previously closed a $1m round in 2016 featuring Chalmers Ventures, the tech transfer office of Chalmers University of Technology, and Almi Invest Västsverige, a regional venture fund managed by Almi Invest, in addition to unspecified additional investors.
Chalmers University of Technology is Stayble’s second-largest shareholder with a 23.3% stake. Olmarker and Almi Invest hold 17.2% and 10.2% respectively.