Cara Therapeutics, a VC-backed biopharmaceutical company, priced its IPO at $11 per share and went public. Shares now trade on the NASDAQ under the symbol CARA. The $11 price point was at the lower end of its anticipated $11 to $13 price range.
Cara Therapeutics focuses on developing and commercializing new chemical entities designed to alleviate pain by selectively targeting kappa opioid receptors. The company has raised a number of financing rounds featuring a flock of VC investors, including a $15 million Series D round in 2010 led by Rho Ventures (14.5% pre-IPO stake) that valued the company at about $55.5 million.