On May 7, 2020 Ayala Pharmaceuticals, Inc. (NASDAQ: AYLA), a clinical-stage oncology company focused on developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations, reported the pricing of its initial public offering of 3,666,667 shares of common stock at a public offering price of $15.00 per share, before underwriting discounts and commissions (Press release, Ayala Pharmaceuticals, MAY 7, 2020, View Source [SID1234558078]). All of the common stock is being offered by Ayala. The offering is expected to close on May 12, 2020, subject to customary closing conditions. In addition, Ayala has granted the underwriters a 30-day option to purchase up to an additional 550,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. The gross proceeds of the offering are expected to be $55.0 million, excluding any exercise of the underwriters’ option.

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Ayala’s common stock is expected to begin trading on the NASDAQ Global Market under the ticker symbol "AYLA" on May 8, 2020.

Citigroup and Jefferies are acting as the lead book-running managers for the offering. Oppenheimer & Co. and Raymond James are acting as the co-managers for the offering.