Equillium Inc. said it closed an IPO to list its common shares on the Nasdaq Global Market under the symbol EQ.
The biotechnology company said it issued 878,834 common shares to India's Biocon Ltd. as part of the conversion of its convertible promissory notes in the aggregate principal amount of $9.4 million.
Equillium also issued 228,060 common shares to Biocon pursuant to certain anti-dilution rights, which protects an investor from equity dilution resulting from later issues of stock at a lower price.
The La Jolla, Calif.-based company had previously stated that it expected gross proceeds of about $65.4 million from the IPO.
The company acquired U.S. and Canadian rights to its lead product candidate, EQ001, from Biocon in 2017 and plans to develop the drug for treating acute graft-versus-host disease and severe asthma.
Biocon sells the drug in India, the only market where the drug is approved, as Alzumab for treating moderate to severe plaque psoriasis.
Jefferies LLC, Leerink Partners LLC and Stifel Nicolaus & Co. Inc. served as joint book-running managers for the offering.