Regado Biosciences shares soar in trading debut

AP News
Posted: Aug 22, 2013 12:43 PM

Shares of Regado Biosciences Inc. are soaring in their trading debut.

The Basking Ridge, N.J., company's stock is up 20 percent, or 80 cents, to $4.80 in midday trading, while broader indexes are up less than 1 percent.

The cardiovascular treatment developer announced late Wednesday an initial public offering of 10.7 million of its shares at $4 each.

That compares with its revised plan to sell 8.4 million shares at $5 each. Regado said in late May it would offer 5 million shares for between $14 and $16 each.

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Banks managing the deal have an option to buy an additional 925,000 shares if there's demand, which would increase Regado's proceeds from the IPO.

The stock is listed on the Nasdaq Capital Market under the symbol "RGDO."