OptiNose (NSDQ:OPTN) raised $120 million with its initial public offering last week, adding $20 million to the target is set earlier this month.
Yardley, Penn.-based OptiNose floated 7.5 million shares at $16 apiece in the offering, above the range it set Oct. 3 for 6.3 million shares at $15 to $17 apiece.
The stock, trading on the NASDAQ exchange under the symbol ‘OPTN,’ opened at $20, up 25.0%, and was trading at $20.11 per share today in early-afternoon trading, up 25.7% over its $19-per-share close last week.
The company posted a net loss of -$16.3 million in the six months ended June 30, 2017 – down from a $34.3 million net profit during the same period last year.
Last month OptiNose won FDA approval for its Xhance drug-device combination product for the treatment of nasal polyps in patients 18 years and older.
The nasal spray is designed to deliver fluticasone propionate using OptiNose’s exhalation delivery system. The patient actuates the pump spray into one nostril while simultaneously blowing into the mouthpiece of the device.
The Xhance product was tested in five clinical trials, including two Phase III pivotals in adults with nasal polyps and two Phase III trials in adults with chronic sinusitis.
Following treatment with the drug-device product, patients had statistically significant reductions of nasal congestion and obstruction after four weeks and total polyp grade after 16 weeks.
