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Rani Therapeutics’ stock jumps 69% after IPO

August 13, 2021 By Brian Buntz

Rani TherapeuticsRani Therapeutics Holdings (NSDQ:RANI) recently announced the closing of its initial public offering (IPO) of 7,666,667 shares of its Class A common stock.

The stock began trading at $11, trailing the company’s expected range of $14 to $16. Today, the stock closed at $18.61, representing a 69.18% increase.

RANI shares were trading even higher on August 11 when they hit $22.94.

Rani announced that the company had generated approximately $84.3 million from the IPO before deducting underwriting discounts, commissions and expenses.

The company is developing an orally administered capsule known as the RaniPill to serve as an alternative to subcutaneous injections of biologics.

The platform can deliver both peptides and antibodies.

The company is planning on initiating a repeat dose, IDE study next year. The company hopes the study will “interrogate and establish the safety and tolerability of the RaniPill platform with a surrogate tracer in place of a specific biologic,” said Talat Imran, the company’s CEO.

Rani initially generated $73.3 million when the stock debuted.

The company’s market cap is now $662.51 million. Last November, venture pegged its valuation at $600 million. 

Filed Under: Drug-Device Combinations Tagged With: IPO, Rani Therapeutics, Rani Therapeutics Holdings, RaniPill

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About Brian Buntz

The pharma and biotech editor of WTWH Media, Brian is a veteran journalist with more than 15 years of experience covering an array of life science topics, including clinical trials, drug discovery and development and medical devices. Before coming to WTWH, he served as content director focused on connected devices at Informa. In addition, Brian covered the medical device sector for 10 years at UBM. At Qmed, he overhauled the brand’s news coverage and helped to grow the site’s traffic volume dramatically. He had previously held managing editor roles on two of the company’s medical device technology publications. Connect with him on LinkedIn or email at bbuntz@wtwhmedia.com.

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