Massachusetts-based biotech Modena's shares fell by up to 6% on their opening day of trading, despite a record-breaking $604.3m initial public offering giving it a value of $7.32bn. Net loss attributable to common shareholders widened to $257.8 million from $228.4 million a year earlier. The company said the results were "disappointing" and that its board had decided not to renew CEO Martin Shkreli's contract for another year. However, analysts are confident Modena's deep pipeline will allow it to shrug off the negative opening. The company is developing treatments based on messenger RNAs.
Massachusetts-based biotech Modena's shares fell by up to 6% on their opening day of trading, despite a record-breaking $604.3m initial public offering giving it a value of $7.32bn. The company said the results were "disappointing" and that its board had decided not to renew CEO Martin Shkreli's contract for another year. However, analysts are confident Modena's deep pipeline will allow it to shrug off the negative opening. The company is developing treatments based on messenger RNAs.