Last week there were three scheduled healthcare offerings, but only two priced. Not too bad. This is means that for 2016 there have been a total of seven IPOs, all from healthcare companies by the way. We should note that these companies have been predominantly development stage biotech's supported by existing backers. While the broader market is stabilizing and returns on recent IPOs are improving, investors are still awaiting the launch of IPOs by significant operating companies to signal the reopening of the IPO window. We saw Hutchison China MediTech (NASDAQ: HCM), a Chinese pharmaceutical with a pipeline of oncology drugs and a complex business structure, raise $101 million by offering 7.5 million shares at $13.50. We also saw Senseonics Holdings (NASDAQ: SENS), a pre-revenue glucose device maker, raise $45 million in an OTC up listing, with up to $17 million (38%) from insiders, by offering 15.8 million shares at $2.85. The one that postponed was Spring Bank Pharmaceuticals (NASDAQ: SBPH), which is developing therapies for hepatitis B and other viral diseases. The company says they postponed its $40 million offering due to market conditions.
This week we have one new issue on the calendar, Corvus Pharmaceuticals (NASDAQ: CRVS) expects to raise $75 million which is below its original deal size of $115 million. The biotech is led by the executives behind blockbuster cancer drug Imbruvica at Pharmacyclics, which was sold to AbbVie (NASDAQ: ABBV) for $21 billion. Developing immune checkpoint inhibitors, Corvus targets an area of intense focus by large pharmas and biotechs alike. Corvus last raised $75 million in September 2015, and insiders plan to purchase up to 33% of the IPO; crossover investors like BlackRock and Cormorant could help support the deal further.