Tracon raises $36M in a downsized IPO

Cancer drug developer Tracon Pharmaceuticals pulled in $36 million in an IPO, pricing well below its expected range as it works to get its top drug into late-stage trials. The San Diego biotech sold 3.6 million shares at $10 each, far off from its early plans of pricing between $12 and $14. With the proceeds, Tracon will fund the Phase II development of TRC105, an antibody that blocks a protein essential to the formation of new blood cells, thereby starving tumors and killing cancer. More