NEW YORK (TheStreet) -- Shares of Axovant Sciences (AXON) were down 8.43% to $27.38 in mid-morning trading Friday, shedding its gains of more than 99% from its initial public offering debut yesterday.
Biotech firm Axovant priced 21 million shares at $15 per share on the New York Stock Exchange, raising $315 million and becoming the largest biotech IPO based on the amount raised, according to Renaissance Capital.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio interviewed Axon president and CEO Vivek Ramaswamy in his "Executive Decision" segment on CNBC's Mad Money last night.
Cramer noted the company has just one drug in the pipeline, its RVT-101.
The drug, which it acquired from GlaxoSmithKline (GSK), is an orally administered therapy designed to improve cognition in patients with Alzheimer's.
Ramaswamy said that Axovant's drug, RVT-101 has shown promise so far in Phase II testing, and could potentially help millions of patients.
He expects to begin a six-month Phase III study later in 2015.
Bermuda-based Axovant Sciences, formerly Roivant Neurosciences, is a clinical-stage biopharmaceutical company.
The company is focused on the acquisition, development and commercialization of therapeutics for the treatment of neurodegenerative disorders.
It develops RVT-101, a product candidate for the treatment of Alzheimer's disease and other forms of dementia.