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WASHINGTON (AP) - It's the market equivalent of a snowball in summer: an unprofitable biopharmaceutical company's initial public offering showed double-digit percentage gains in early trading Wednesday.
Shares of Coley Pharmaceutical Group Inc. traded at $18.98 at midday on the Nasdaq Stock Market, up 19 percent from its IPO price of $16 a share.
Early-stage biopharmaceutical and medical device IPOs have been difficult to sell to investors, but Coley's proved the exception. Coley's 6 million shares sold at the high end of its $14 to $16 per share range.
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