Branford, Connecticut–based Isoplexis (NSDQ:ISO) made its public market debut today with an initial public offering of 8,333,000 shares of common stock initially priced at $15 per share.
ISO shares ended up selling for $11.52 apiece at the end of trading, equating to $96 million (less fees and expenses associated with the IPO). That was 23% less than its $15-per-share target, which would have raised $125 million before fees and expenses.
“We can’t control how the stock trades every day, but we can control being good at our jobs and producing revenue and growing the company,” Isoplexis co-founder and CEO Sean MacKay told Drug Discovery Trends.
The company plans to use proceeds from the IPO to invest in commercial expansion and hiring new staff.
“We grew about 103% in the first half of this year,” MacKay said. “To continue to move worldwide with our product, we need to continue to invest in the commercial teams.”
Isoplexis also plans to expan…