The American depositary shares of Vaccitech fell nearly 20% on Friday in their Nasdaq debut, giving the co-inventor of the COVID-19 vaccine developed by AstraZeneca Plc and Oxford University a market value of approximately $464 million.
The biotech company's shares opened at $13.62 and below the American first public offering price of $17 apiece for 6.5 million of its shares traded with its US companies.
The UK-based company was started by two Oxford University scientists and dismantled in 2016 from the Jenner Institute at the university of Cambridge.Its co-founder Sarah Gilbert was among the scientists who led AstraZeneca's in the development of the COVID 19 vaccine.
Vaccitech said it planned to use the proceeds from the IPO to fund the development of its COVID 19-targeted vaccine technology for prostate cancer, hepatitis B HPV and non-small cell lung cancer.
The vaccine technology of the company uses an altered form of chimpanzee cold virus to transport human materials that can help promote the human immune system and fight infection.
The biotech startup has already raised $216 million from Oxford Sciences Innovation, Sequoia Capital China and Gilead Sciences already.
In a securities filing in early April, the company reported a loss of around $4.7 million on revenue of 2020 on 4.8 million.
Its debut comes as global vaccination programs are underway across the world to combat the pandemic, with a report from the U.S. health data company COVID 19 to reach $157 billion by 2025.