Karyopharm rises after IPO prices at $108.8M

[November 07, 2013]  NEW YORK (AP) -- Shares of Karyopharm Therapeutics rose Wednesday after the biotechnology company's initial public offering raised $108.8 million.

Karyopharm sold 6.8 million shares in an IPO priced at $16 per share, the high end of its expectations.

The stock gained 15 cents to $16.15 in afternoon trading after trading as high as $19.09 earlier in the day.

Karyopharm Therapeutics Inc. had previously expected to sell 5.7 million shares.

The underwriters of the IPO will have the option to buy 1 million more shares at the same price.

The Natick, Mass., company is running clinical trials of treatments for cancer and is also researching treatments for autoimmune, inflammatory and viral illnesses and a medication designed to speed up wound healing.

Its shares are trading on the Nasdaq Global Select Market under the ticker symbol "KPTI."

[Associated Press]

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