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Compass Pathways raises $146.6M in Nasdaq IPO

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Compass Pathways raises $146.6M in Nasdaq IPO

Compass Pathways PLC raised about $146.6 million in gross proceeds via its IPO on the Nasdaq Global Select Market.

The British pharmaceutical company, which focuses on mental health treatments, sold a total of 8,625,000 American depositary shares in the offering, including 1,125,000 ADSs sold as underwriters fully exercised their overallotment option. Each ADS represents an ordinary share of the company and was sold for $17 apiece.

The company's stock began trading on the exchange on Sept. 18, under the ticker symbol CMPS.

Compass previously said it planned to use the net proceeds from the IPO to develop its COMP360 psilocybin therapy for different neuropsychiatric indications. Psilocybin is the main psychoactive substance found in many types of hallucinogenic mushrooms.

Cowen, Evercore ISI and Berenberg were the joint bookrunning managers for the offering, while Canaccord Genuity was lead manager. H.C. Wainwright & Co. was the co-manager for the offering.