01:44 PM EDT, 04/05/2024 (MT Newswires) -- (Updates with stock move in the headline and first paragraph.)

Contineum Therapeutics' (CTNM) shares fell nearly 10% in recent Friday afternoon trading as the company debuted on the Nasdaq after pricing its initial public offering of about 6.9 million class A common shares at $16 per share.

Gross proceeds are expected to be $110 million. Underwriters have been granted a 30-day option to purchase up to about 1 million additional common shares, the biopharmaceutical firm said.

The IPO is set to close on April 9, subject to customary closing conditions.

Price: 14.42, Change: -1.58, Percent Change: -9.88