Regulus Therapeutics ( RGLS ) made its public debut on Thursday. Shares of the biopharmaceutical company focused on the discovery and development of first-in-class drugs targeting microRNAs ended their first day up 5.0% to $4.20 per share. The public offering Regulus Therapeutics was formed in 2007 when Alnylam Pharmaceuticals and Isis Pharmaceuticals tried to pursue the development of drugs which target microRNAs. The company is currently optimizing anti-miRs in five programs independently, and on a partnership basis with AstraZeneca AB ( AZN ), GlaxoSmithKline ( GSK ) and Sanofi ( SNY ). The company sold 11.25 million shares for $4 a piece. Regulus raised $45 million in gross proceeds in the offering process. Based on the offer price of $4.00, the firm is valued at $130 million. The offering is quite a disaster. The offer price was set far below the low end of the preliminary $10-$12 price range set by the firm and its bankers.