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Gemphire Therapeutics Delays IPO Over Uncertainty Caused by Brexit

Wednesday, June 29, 2016   (0 Comments)
Posted by: Kate Oesterle
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Northville drug company now plans to go public next week, market website says

The initial public offering for Northville-based Gemphire Therapeutics Inc., which had been scheduled for the Nasdaq Stock Exchange on Thursday, is now likely to happen sometime this week, according to the website

Company officials declined to comment because of a quiet period mandated by the U.S. Securities and Exchange Commission, but word in the local tech community is the company decided to delay the offering over market uncertainty about Thursday's vote by British citizens over whether to leave the European Union.

Despite late polling that showed the stay vote ahead, the leave side ended up winning by a 52 percent-48 percent vote, leaving markets in turmoil around the world. The Dow was off 500 points in early trading Friday and Nasdaq was off 160.

A posting on the Nasdaq website Monday said Gemphire planned to start trading on the Nasdaq Global Exchange under the symbol GEMP. It was offering 3.75 million shares, which were expected to begin trading in a range of $11-$13 and give the IPO a range of $41.25 million to $48.75 million.

Read the full article from Crain's Detroit Business.

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