Shares of biotech Arsanis Inc. surged 40% in their first minutes of trade Thursday, after the company priced its initial public offering at $10, well below its price range of $15 to $17. The stock added more than $4 to trade above $14. Waltham, Mass. and Vienna, Austria- based Arsanis is a clinical-stage biopharmaceutical company that is focused on applying monoclonal antibody immunotherapies to address serious infectious disease. The company sold 4 million shares to raise $40 million. Proceeds will be used to fund operating expenses, capital expenditure requirements and debt service payments into mid 2019, including the completion of trials of its ASN100 treatment for the prevention of Staphylococcus aureus, or pneumonia in high-risk, mechanically ventilated patients, for which there is currently no approved treatment. The S&P 500 was up 0.8%.
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