Tarsus Pharmaceuticals (Nasdaq: TARS) today priced its initial public offering of 5.5 million shares at $16, for proceeds of $88 million.
Shares were trading at about $16.40 as of midday Friday, giving the company a market capitalization of about $320 million.
The Irvine-based drug developer for ophthalmic conditions previously stated it would price shares between $15 to $17.
Proceeds are expected to fund clinical work for the company’s lead candidate TP-03, which would treat an inflammatory condition of the eyelid called demodex Blepharitis.
