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Biotechnology company Monopar Therapeutics closes $10.2M Nasdaq IPO

Monopar Therapeutics Inc. closed its IPO on the Nasdaq Global Market to raise about $10.2 million in gross proceeds.

The Wilmette, Ill.-based biotechnology company sold 1,277,778 common shares at $8 apiece in the IPO.

Monopar's shares started trading on the exchange Dec. 19 under the ticker symbol MNPR.

The company, which develops treatments for cancer patients, previously said it plans to use the proceeds to advance its global phase 3 trial for Validive, a potential treatment for a complication arising from chemotherapy or radiotherapy in patients with oropharyngeal cancer.

Additionally, the funds raised will be used for a phase 2 study of camsirubicin and development of MNPR-101.

Chandler Robinson is CEO and a director of Monopar, which he co-founded in 2014. Tactic Pharma, LLC is among shareholders of Monopar.

JonesTrading Institutional Services LLC was the lead book-running manager for the IPO, while Brookline Capital Markets was the co-manager.