SenesTech Inc. is Arizona’s newest public company after it started trading on the Nasdaq stock market Dec. 8.
The Flagstaff-based company that makes rat fertility bait opened for trading at $8.25 after pricing its initial public offering at $8 a share.
The stocks rose to $8.52 at its highest on the first day.
SenesTech (Nasdaq: SNES) announced Dec. 8 it was planning to raise about $15 million in its IPO.
“We have developed and are seeking to commercialize globally a proprietary technology for managing animal pest populations through fertility control,” according to a filing with the U.S. Securities and Exchange Commission. “We believe our innovative non-lethal approach, targeting reproduction, is more humane, less harmful to the environment, and more effective in providing a sustainable solution to pest infestations than traditional lethal pest management methods. Our approach is designed to promote food security and reduce infrastructure damage, disease outbreaks, environmental contamination and other costs associated with rodent infestations.”
SenesTech was funded by the National Institutes of Health in 2013 to test its oral liquid product in New York City subway stations.
The company’s first fertility control product is ContraPest, which is marketed for use in controlling rat populations.