NEW YORK, N.Y. - Shares of Foundation Medicine surged Wednesday after the company's initial public offering raised $106 million before expenses.
Foundation Medicine said expanded its IPO to 5.9 million shares and said the offering priced at $18 per share. It had expected to sell 5 million shares for $14 to $16 each.
In midday trading the stock jumped $13.50, or 75 per cent, to $31.50 after rising as high as $33.25 earlier. The shares are trading on the Nasdaq Global Select Market under the ticker symbol "FMI."
Foundation Medicine offers diagnostic cancer analyses that provide patient specific data for physicians. The company is based in Cambridge, Mass.
The underwriters of the IPO will have the option to buy another 883,333 shares.