The initial public offering (IPO) took a break over the shortened holiday week, with just one traditional offering going public last week. The week ahead also promises to be slow heading into the last few weeks of the year, with only one traditional offering set to raise more than $37 million for the first week of December.
Last week, AeroClean Technologies, Inc. (NASDAQ: AERC) priced its shares at the low end of its range to raise $25 million in its debut. The air purification company is currently initiating the full-scale launch of its first product, Purgo, which is a proprietary continuous air sanitization system for indoor spaces. The stock was a success, soarding 689% on its first day and finished the week up 710%.
For the week ahead, Nuvectis Pharma, Inc. (NASDAQ: NVCT) plans to raise more than $37 million from 2.3 million shares priced between $12 to $14 each. The oncology-focused biotech is developing innovative precision medicines for the treatment of serious unmet medical needs in the oncology industry. Nuvectis currently has two preclinical candidates in development, with its lead candidate expected to begin a Phase 1 clinical trial before the end of the year.