Last updated: June 26. 2013 12:40PM - 486 Views
Associated Press

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(AP) Shares of Esperion Therapeutics Inc. jumped Wednesday in their first day of trading after the drug developer $70 million in an initial public offering.

In midday trading, the drug developer's shares rose $1.27, or 9 percent, to $15.27, after jumping as high as $17.40 earlier in the session. Earlier, Esperion sold 5 million shares for $14 each, resulting in $70 million in proceeds.

Esperion is developing a new kind of experimental drug that would lower LDL cholesterol, commonly known as "bad" cholesterol. Roger Newton, the company's founder, executive chairman and chief scientific officer, is a co-discoverer of the cholesterol drug Lipitor, the world's top-selling drug for more than a decade.

The shares are trading on the Nasdaq under the ticker symbol "ESPR." The company is based in Plymouth, Mich.

Associated Press
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