FibroBiologics' Nasdaq reference price has been set at $8 ahead of its direct listing on Wednesday.
The company plans to list on the Nasdaq today under the symbol FBLG. The Nasdaq reference price does not reflect an offering price, or the opening price for FibroBiologics' shares. Instead, the opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq.
Spun out of former parent FibroGenesis in 2021, FibroBiologics is focused on developing fibroblast-based therapies for patients suffering from chronic diseases with significant unmet medical needs, including degenerative disc disease, multiple sclerosis (MS), wound healing, and certain cancers. Its most advanced product candidates are CybroCell, an allogeneic fibroblast cell-based therapy for degenerative disc disease, and CYMS101, an allogeneic fibroblast cell-based therapy for MS. FibroBiologics has received IND clearance from the FDA for a Phase 1/2 study of CybroCell in degenerative disc disease in the US, conditional upon approval of its master cell bank. The company completed a Phase 1 study of CYMS101 in MS in Mexico, and expects to file an IND application for a Phase 2 trial.
There are no underwriters on the deal; instead, the company's financial advisor was Maxim Group LLC.
