Fate Therapeutics Up In IPO

San Diego-bsaed Fate Therapeutics, which is developing biopharmaceuticals base don adult stem cells to treat a number of orphan diseases, is up slightly in trading after its initial public offering this morning. Fate Therapeutics priced at $6.00 per share last night. The company offered up 6,666,667 shares of its common stock in its IPO. The company is now trading as FATE on the NASDAQ Global Market. Fate Therapeutics was trading around $6.86 in afternoon trading, up around 14.33% over its opening price. The company priced its IPO significantly lower than its initial estimated offering range of $14.00 and $16.00 per share. Fate Therapeutics is venture backed by ARCH Venture Partners, Polaris Partners, Venrock, and OVP Venture Partners.