Initial public offering nets U-M pharmaceutical spinoff more than $80 million
OncoMed Pharmaceuticals, now based in Redwood City, California, is developing a series of drugs meant to combat the cancer stem cells that are responsible for driving the growth and metastasis of tumors. The company offered 4.8 million shares priced at $17 each, which was above the expected range.
"We’re pleased that OncoMed continues to move products resulting from U-M research forward in the clinical process," Ken Nisbet, director of the Office of Technology Transfer, said in a statement.
"Their IPO is a tremendous accomplishment, and we’re looking forward to seeing the drugs reach the market for the benefit of cancer patients worldwide."
By Ben Freed
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