NEW YORK, Sept 29 – Shares of chipmaker Ciphergen Biosystems (Nasdaq: CIPH) shot up more than 115 percent in their first day of trading on the Nasdaq on Friday.
The Fremont, Calif.-based company offered 5.5 million shares of its common stock for $16 per share. The offering, which was priced at the high-end of the $14-$16 range, raised $88 million.
In afternoon trading the shares were up 18 1/2, or 115.6 percent, at 34 1/2.
SG Cowen, was the lead managing underwriter and ING Barings and Warburg Dillon Read were co-managers.
Ciphergen has granted the underwriters the option to purchase an additional 750,000 shares of its common stock to cover over-allotments.
Ciphergen develops, manufactures and markets the ProteinChip System, which enables protein discovery, characterization and assay development to provide researchers with a better understanding of biological functions at the protein level.