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Hong Kong's Aptorum Group closes Nasdaq IPO


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Hong Kong's Aptorum Group closes Nasdaq IPO

Hong Kong-based Aptorum Group Ltd. closed its previously announced IPO of 761,419 class A ordinary shares, priced at $15.80 apiece.

The pharmaceutical company raised gross proceeds of about $12 million through the offering.

Shares sold under the IPO are expected to start trading Dec. 18 on the Nasdaq Global Market under the symbol APM.

Boustead Securities LLC, China Renaissance Securities (HK) Ltd. and AMTD Global Markets Ltd. acted as co-underwriters for the flotation.

Aptorum, currently in preclinical stage, is developing and commercializing its therapeutic and diagnostic technologies intended to address unmet medical needs.

The company previously said it will use the IPO proceeds on its lead product candidates, non-therapeutic projects and other non-lead products. Funds will also go toward establishing a laboratory in Fo Tan, Hong Kong, general research and development activities, working capital and other general corporate activities.