NEW YORK (AP) — Shares of cancer drug developer Adaptimmune are falling after the British company's initial public offering raised $191.3 million.
Adaptimmune sold 11.3 million U.S.-traded shares, more than it originally expected. The shares priced at $17 each, at the high end of Adaptimmune's expectations.
The stock advanced as much as 15 percent in morning trading before turning lower. At midday shares were down 80 cents, or 4.7 percent, at $16.20.
Adaptimmune Therapeutics PLC is developing immune therapies designed to target and destroy cancer cells. The company is running several clinical trials of a drug called NY-ESO TCR through a partnership with GlaxoSmithKline PLC. Adaptimmune could get $350 million in payments through 2021, and additional payments based on development and sales.
NY-ESO TCR is being studied in clinical trials as a treatment for sarcoma, the bone marrow cancer multiple myeloma, the skin cancer melanoma, and cancers affecting the ovaries and esophagus. The company is running other preclinical studies of NY-ESO TCR as well as a second drug candidate.
The company had expected to sell 9.4 million American Depositary Shares for $15 to $17 per share.
The shares are trading on the Nasdaq Global Market under the symbol "ADAP."