Quantum Genomics sees stock soar after oversubscribed IPO

Strong interest from individuals in France has helped Quantum Genomics (EPA:ALQGC) blast past its IPO targets. The open-price offering was almost 15 times oversubscribed as individuals flocked to the biotech to finance the advance of its blood pressure drug into clinical proof-of-concept trials.

Quantum Genomics CEO Lionel Ségard

Paris, France-based Quantum Genomics priced at the top end of its range, resulting in it pocketing €11.2 million ($12.7 million) from its listing on Euronext Alternext. An offering aimed at institutional investors accounted for the bulk of the cash--with Téthys picking up 30% of the €8.2 million worth of shares--but it was the portion of the IPO targeting individuals that generated a frenzy of activity. The individual-focused offering was 14.8 times oversubscribed and generated €3 million.

"We are especially proud to have attracted the biggest part of the demand from individuals in a public offering in 2015 thanks to a rallying message regarding the major diseases that we intend to fight," Quantum Genomics CEO Lionel Ségard said in a statement. The cash will go toward a Phase IIa trial of QGC001, an aminopeptidase a inhibitor designed to slow production of angiotensin III. Research has linked angiotensin III to pathways that increase blood pressure. 

Quantum Genomics is still years away from gathering Phase III data to back up its theory, but its ambition to partner or license the program by the end of 2016 gives investors a possible near-term event. The stock traded up almost 40% on the first day of trading, continuing the buoyant start to 2015 for newly public biotechs in Europe. Bone Therapeutics (EBR:BOTHE) and Poxel (EPA:POXEL) are both still riding high almost two weeks after they first listed.

- read the release (PDF)

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