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CG Oncology prices larger-than-expected $380M IPO in hopeful sign for biotech

January 24, 2024


Cancer drug developer CG Oncology has raised $380 million in an initial public offering than was larger than it expected, a positive sign for a sector that’s struggled to generate demand from Wall Street investors recently.

The company on Wednesday sold 20 million shares in its offering — eight million more than it had expected — at $19 apiece. Shares will begin trading Thursday on the Nasdaq stock exchange under the ticker symbol “CGON.”

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