Medical Science IPO Raises $16.2 Million
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NEWPORT BEACH — Medical Science Systems Inc., which makes genetic markers for gum disease and other common ailments, said Wednesday it completed its initial public offering of 1.8 million shares at $9 a share, raising $16.2 million.
The stock closed at $8.63 a share Wednesday, its first day of trading in the Nasdaq market.
Medical Science said previously that the biggest chunk of the proceeds--$5.2 million--would fund sales and marketing for new products.
The company said it offered underwriters an optional 270,000 shares to cover over-allotments.
Nutmeg Securities Ltd. and Millennium Financial Group Inc. are managing the underwriting group.
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