Century Therapeutics went public Friday, raising $211 million through an initial public stock offering.
The Philadelphia cell therapy developer sold 10.55 million shares of common stock at $20 per share. The stock closed Friday up 14% at $22.83 per share.
Century Therapeutics has granted the underwriters a 30-day option to purchase up to an additional 1,582,500 shares to cover overallotments. If the options are exercised in full, the amount raised by the IPO will climb by another $31.65 million to $242.65 million.
The company is the fourth Philadelphia-area life sciences company to go public this year. Its IPO was well above the combined $136 million raised by Lava Therapeutics, Vallon Pharmaceuticals and Virpax Pharmaceuticals, which all went public during the first half 2021.
Another company with local ties, Gyroscope Therapeutics — a London-based gene therapy company that has operations in King of Prussia — withdrew its IPO in May citing unfavorable market conditions at the time.
Founded in 2018, Century Therapeutics has grown to 107 employees and is led by CEO Osvaldo “Lalo” Flores. The company is developing induced pluripotent stem cell (iPSC)-derived cell therapies to treat hematologic and solid tumor cancers. It is using its technology platform to harness the power of adult stem cells to develop cell therapy products that are able to overcome the limitations, such as host rejection, of first-generation cell therapies.
Read more at Philadelphia Business Journal.