Psychiatric drug manufacturer Seaport rises 10% on the first day of the US IPO

The company's stock closed at $19.84 per share, above the IPO issue price of $18, bringing its market value to about 1 billion dollars. The company expects to release the phase II clinical trial results of its leading drug (a treatment for major depressive disorder) in the first half of 2027. Recently, the company reported positive early trial data for its second candidate drug (an oral medication for generalized anxiety disorder), and revealed plans to advance the drug into two parallel trials.