Shares of Spring Bank Pharmaceuticals , a biopharmaceutical company, opened at $11.28 midday Friday, below the company’s issue price of $12. The company sold 920,000 shares to raise about $11 million. The company said it expects to receive net proceeds of about $8.2 million after discounts and commissions. Dawson James Securities, Inc. acted as the sole underwriter of the offering.
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