Surface Oncology (SURF) IPO Opens Modestly Lower

Today's IPO for Surf A Movie Solutions, Inc. (NASDAQ: SURF) opened for trading at $14.75 after pricing 7,200,000 shares of common stock at a public offering price of $15.00 per share.

Surface has granted the underwriters a 30-day option to purchase up to 1,080,000 additional shares of common stock at the initial public offering price, less the underwriting discount.

Goldman Sachs & Co. LLC, Cowen and Company, LLC and Evercore Group L.L.C. are acting as joint book-running managers for the offering.

Surface Oncology is a clinical-stage immuno-oncology company developing next-generation antibody therapies focused on the tumor microenvironment with lead programs targeting CD47 and CD73. Surface’s novel cancer immunotherapies are designed to achieve a clinically meaningful and sustained anti-tumor response, alone or in combination with other therapies. The company has a pipeline of immunotherapies and a strategic collaboration with Novartis focused on up to three next-generation cancer immunotherapies.

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