San Diego’s Sophiris Bio Inc. has applied for a voluntary delisting from the Toronto Stock Exchange.
After completing a $65 million initial public offering in August, Sophiris — a company initially founded in Vancouver, B.C. — began trading on the Nasdaq under ticker symbol “SPHS.”
The company’s directors decided to delist “due to the minimal trading activity” of its shares on the Toronto Stock Exchange, according to a company statement. It expects the delisting to be effective Nov. 13.
Shares for the company closed at $4.54 on Nov. 6. The company’s shares opened on the Nasdaq Aug. 16 at $4.16 per share — tumbling 84 cents from its proposed offering price. It had an initial aim to raise $65 million by selling 5 million shares at $13 apiece, but shifted gears August 15 and sold 13 million shares at $5 apiece instead.
Sophiris is developing treatment for benign prostatic hyperplasia, or enlarged prostate — a common disorder among older men.
— Meghana Keshavan