The stock will trade on the Nasdaq market under the symbol
Based on the
Using the lower price could be a sign of lower investor interest, said
"I would judge ... that the appetite is not super high for this, that it's not what investors would call a hot deal," Nelson said on Wednesday night. "On the other hand, we'll have to wait and see how it trades tomorrow."
He said pricing the IPO lower could also be an effort to stimulate more interest in the stock once the trading starts.
Nelson said there have not been many biotech companies staging IPOs in the past couple of months, and this offering is "relatively small."
Cellular Dynamics makes "fully functioning human cells in industrial quantities to precise specifications," the company said in its prospectus. Through its proprietary technology, CDI's iCell products include four cell types, including heart and nerve cells, and the company is developing seven more types of cells. Its products are used for research, drug discovery and stem cell banking.
CDI has said it will use the money raised from the IPO for research and product development, sales and marketing, and for creating a laboratory in
Founded in 2004, CDI has more than 100 employees.
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