Argos priced its IPO shares at
The company's stock initially was well-received by investors after it began trading shortly before 10:30 a.m Friday, opening at
Fitzgibbon said there has been a wave of biotechnology companies seeking to go public recently, and this week the market "turned rocky" and more selective.
Of the seven biotech IPOs that priced this week, two companies -- including Argos -- ended up accepting less than their target price in order to go public, Fitzgibbon said.
"As you all know, it's all about timing," Argos CEO
In conjunction with its pricing, Argos also sold significantly more shares than it had intended -- 5.625 shares, rather than the 4.25 million shares it had planned, according to the company's securities filings.
Even with the sale of additional shares, the company raised significantly less money.
The company grossed
The underwriters have a 30-day option to purchase up to 843,750 additional shares of Argos stock at the IPO price.
Argos doesn't yet have any drugs on the market. Abbey said that selling
"This money gets us into the latter part of 2016," Abbey said.
Argos previously raised more than
This was the second time Argos tried to go public. It also filed plans for an IPO in 2011 but withdrew its plans in the wake of what was at the time a lackluster market.
"It has taken us a couple of years, but we got to where we wanted to be," Abbey said. "It's a tribute to the people that work here and the work that we are doing."
Abbey said the 94-employee company planned to celebrate its IPO with a pizza party on Friday -- but not with champagne.
"I think Argos is more of a beer-and-pizza crowd than a champagne crowd," Abbey said. "There might be a little beer involved."
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