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The Class Of 2007
Editor’s note: Biotech and specialty pharma companies had another great year in 2007 – raising almost $26.5 billion in new money (excluding revenues and payments coming from corporate partners.) Public offerings – both initial and follow-on – accounted for 21 percent of that, or nearly $5.6 billion.
However, investors remained cautious about IPOs – as they had in 2006. In both years, most of the IPOs priced at the low end or below the asking range. Still, there were more IPOs in 2007 than there were in 2006. In 2007, 35 companies came public, 25 of them on U.S. markets and the remainder on foreign exchanges. Together they raised $2.2 billion. In 2006, 28 companies completed IPOs, 21 of them on U.S. exchanges, for a total of about $1.5 billion.
Follow-on stock offerings fared well in 2007 – with 35 offerings that raised nearly $3.4 billion in gross proceeds. Conversely, there were fewer of these deals in 2007 than there were in 2006: That year, 43 companies raised nearly $5.2 billion in gross proceeds.
As a service to its readers, Signals published this article in January 2007 to track U.S.-based public financings for the year. Throughout the year we updated the lists on a continuous basis. We tracked the progress of each IPO and follow-on offering and also kept a log of those offerings that were postponed or withdrawn.
What follows is the complete list of all public offerings made on U.S. exchanges in 2007. If you’d like to track public financing in 2008, please refer to the Signals article, “IPO Tracker.”
To make it easier for you to navigate this article, we’re providing some internal links. The section that covers IPOs that priced follows directly. To check out the follow-on offerings, click here. For withdrawals and postponements, click here.
Completed IPOs
§ Nov. 7, 2007: ARYx Therapeutics Inc. (NASDAQ:ARYX): Using its retrometabolic drug design technology, the company is developing product candidates designed to eliminate known safety issues associated with commercially successful drugs. Three products are in Phase II trials. On Nov. 7, priced 5M shares at $10.00 each for gross proceeds of $50M. Underwriters: Morgan Stanley & Co. (sole book-runner and lead manager); CIBC World Markets; Jefferies & Co.; and Leerink Swann. First-day change: -19%.
§ Oct. 31, 2007: Nanosphere Inc. (NASDAQ:NSPH): Developing a molecular diagnostics platform, based on nanoparticles, that enables simple, low cost and highly sensitive genomic and protein testing on a single platform. On Oct. 31, priced 7M shares at $14.00 per share for gross proceeds of $98M. On Nov. 6, raised an additional $14.7M by selling the full overallotment (1.05M shares). Total gross proceeds: $112.7M. Underwriters: Credit Suisse (lead); Piper Jaffray; Leerink Swann; and Allen & Co. First-day change: +14%.
§ Oct. 29, 2007: Genoptix Inc. (NASDAQ:GXDX): A laboratory service provider of personalized medicine services to hematologists and oncologists that combine exclusive tests with advanced clinical techniques for the comprehensive evaluation of individual patients – an approach that helps physicians make decisions concerning the treatment of various forms of cancer. On Oct. 29, priced 4,285,714 shares at $17.00 per share for gross proceeds to the company of $72.9M. Selling shareholders sold an additional 714,286 shares in the IPO. On Nov. 2, the company raised an additional $7.6M by selling 450,000 shares. the selling shareholders sold an additional 300,000 shares. Total gross proceeds to Genoptix: $80.5M. Underwriters: Lehman Brothers (sole book-running manager); Banc of America Securities; and Cowen and Co. First-day change: +49%.
§ Oct. 25, 2007: NovaBay Pharmaceuticals Inc. (AMEX:NBY): The company, previously known as NovaCal Pharmaceuticals, is developing antimicrobial compounds called Aganocides to treat or prevent infections, including those acquired in the hospital. On Oct. 25, priced 5M shares at $4.00 per share for gross proceeds of $20M. Underwriters: Dundee Securities (book-running manager) and Desjardins Securities. First-day change: -10%.
§ Oct. 10, 2007: Targanta Therapeutics Corp. (NASDAQ:TARG): Developing antibiotics for serious hospital-acquired infections. The company acquired its lead product, oritavancin for Gram-positive bacterial infections, from InterMune. On Oct. 10, priced 5.75M shares at $10.00 per share for gross proceeds of $57.5M. Underwriters: Credit Suisse (sole book-running manager); Cowen and Co.; Lazard Capital Markets; and Leerink Swann & Co. First-day change: -6%.
§ Oct. 5, 2007: MAP Pharmaceuticals Inc. (NASDAQ:MAPP): Developing inhalation technologies to enhance the therapeutic benefits of proven drugs while minimizing risk. Lead drug candidates for pediatric asthma and migraine will enter Phase III clinical trials in 2008. On Oct. 5, priced 5M shares at $12.00 per share for gross proceeds of $60M. On Oct. 9, raised an additional $9M by selling the full overallotment option (750,000 shares). Total gross proceeds: $69M. Underwriters: Merrill Lynch & Co. and Morgan Stanley & Co. (joint book-running managers); and Deutsche Bank Securities. First-day change: +11%.
§ Aug. 15, 2007: CombiMatrix Corp. (NASDAQ:CBMX): Developing technology for creating DNA and other compounds on a programmable semiconductor chip for use in drug development, genetic analysis, molecular diagnostics and other applications. The IPO represents a split off of CombiMatrix from Acacia Research Corp., whose combination shares are publicly traded. In this offering, the Acacia Research-CombiMatrix stock was redeemed for new shares of CombiMatrix stock.
§ Aug. 8, 2007: WuXi PharmaTech Co. Ltd. (NYSE:WX): China-based pharmaceutical and biotech R&D outsourcing company. On Aug. 8, priced 13,188,979 American Depositary Shares (ADSs, where 1 ADS = 8 shares) at $14.00 per ADS. Of those ADSs, the company sold 10M for gross proceeds of $140M and selling shareholders sold the rest. On Aug. 14, the company raised an additional $27.7M by selling the full overallotment (1,978,347 ADSs). Total gross proceeds to the company: $167.7M. Underwriters: Credit Suisse Securities and JPMorgan Securities (joint book-running managers); and Jefferies & Co. First-day change: +40%.
§ Aug. 2, 2007: Sucampo Pharmaceuticals Inc. (NASDAQ:SCMP): Developing drugs based on prostones, a class of compounds derived from naturally occurring functional fatty acids, for treating gastrointestinal, respiratory, vascular and CNS diseases. Lead product Amitiza was approved in January 2006 for treating chronic constipation in adults. On Aug. 2, priced 3.75M shares at $11.50 each for gross proceeds of $43.1M. Of those shares, the company sold 3.125M, for gross proceeds of $35.9M, and a selling stockholder sold the rest. On Aug. 29, the selling stockholder sold the full overallotment (562,500 shares). Underwriters: Cowen and Co. (book-running manager); CIBC World Markets; and Leerick Swann. First-day change: +7%.
§ July 25, 2007: ImaRx Therapeutics Inc. (NASDAQ:IMRX): Developing therapies for vascular disorders associated with blood clots based on two platforms: thrombolytics and SonoLysis (which combines microbubbles with ultrasound). One product candidate is in early-stage clinical trials and another product is approved for marketing. On July 25, priced 3M shares at $5.00 each for gross proceeds of $15.0M. Underwriters: Maxim Group (sole book-running manager) and I-Bankers Securities. First-day change: -4%.
§ June 5, 2007: Response Genetics Inc. (NASDAQ:RGDX): Developing pharmacogenomic diagnostic tests based on genetic information derived from clinical trial samples. On June 5, priced 3M shares at $7.00 per share for gross proceeds of $21M. Underwriters: Maxim Group and Caris & Co. First-day change: 0%.
§ May 31, 2007: Jazz Pharmaceuticals Inc. (NASDAQ:JAZZ): A specialty pharma company that applies new formulations and delivery technologies to known neurological and psychiatric drug compounds in order to improve efficacy and reduce side effects. The company also develops new indications for known compounds. Jazz has two marketed products, one under FDA review, and five in the clinic. On May 31, priced 6M shares at $18.00 per share for gross proceeds of $108M. Underwriters: Morgan Stanley and Lehman Brothers (joint book-runners and joint lead managers); Credit Suisse; and Natexis Bleichroeder. First-day change: -2%.
§ May 31, 2007: Amicus Therapeutics Inc. (NASDAQ:FOLD): Developing small molecule pharmaceutical chaperones for treating genetic diseases, with an initial focus on lysosomal storage diseases. Three products are in clinical trials. On May 31, priced 5M shares at $15.00 per share for gross proceeds of $75M. Underwriters: Morgan Stanley & Co. and Merrill Lynch (joint book-running managers); J.P.Morgan Securities; Lazard Capital Markets; and Pacific Growth Equities. First-day change: -4%.
§ May 24, 2007: Helicos BioSciences Corp. (NASDAQ:HLCS): Developing genetic analysis technologies for research, drug discovery and clinical diagnostics markets. Ultra high-throughput technology allows direct sequencing of single molecules of DNA or single copies of RNA. On May 24, priced 5.4M shares at $9.00 per share for gross proceeds of $48.6M. Underwriters: UBS Investment Bank (sole book-running manager); J.P. Morgan Securities (joint lead manager); Leerink Swann; and Pacific Growth Equities. First-day change: -6%.
§ May 23, 2007: Sirtris Pharmaceuticals Inc. (NASDAQ:SIRT): developing small molecule drugs for treating diseases associated with aging, including Type II diabetes. The drug candidates are designed to mimic certain beneficial health effects of calorie restriction by activating the recently discovered enzyme sirtuin. On May 23, priced 6M shares at $10.00 per share for gross proceeds of $60M. On May 30, raised an additional $9M by selling the full overallotment option (900,000 shares). Total gross proceeds: $69M. Underwriters: J.P. Morgan Securities (sole book-running manager); CIBC World Markets; Piper Jaffray; JMP Securities; and Rodman & Renshaw. First-day change: +8%.
§ May 17, 2007: Eurand N.V. (NASDAQ:EURX): A global specialty pharma that was spun out of American Home Products (Wyeth) in 1999. The company is developing new formulations of existing therapeutics, including an enzyme replacement product for treating exocrine pancreatic insufficiency. On May 17, priced 7M shares at $16.00 per share for gross proceeds of $112M. Underwriters: Deutsche Bank Securities and Lehman Brothers (joint book-running managers); Banc of America Securities; Lazard Capital Markets; and Thomas Weisel Partners. First-day change: -4%.
§ May 10, 2007: Biodel Inc. (NASDAQ:BIOD): A specialty pharma company that reformulates existing endocrine disorder- drugs to improve their therapeutic results. Two insulin product candidates are in clinical trials for treating diabetes. On May 10, priced 5M shares at $15.00 per share for gross proceeds of $75M. On May 17, raised an additional $11.3M by selling the full overallotment option (750,000 shares). Total gross proceeds: $86.3M. Underwriters: Banc Of America Securities (lead); CIBC World Markets; Leerink Swann; and Natexis Bleichroeder. First-day change: +20%.
§ May 2, 2007: NeurogesX Inc. (NASDAQ:NGSX): Developing therapies for pain management, with a primary focus on chronic peripheral neuropathic pain. Lead product, a synthetic capsaicin-based topical patch, has completed two Phase III clinical trials, one in postherpetic neuralgia and one in HIV-distal sensory polyneuropathy. On May 2, priced 4M shares at $11.00 per share for gross proceeds of $44M. Underwriters: Morgan Stanley & Co. (sole book-running and lead manager); Pacific Growth Equities; Lazard Capital Markets; and Susquehanna Financial Group. First-day change: -7%.
§ April 26, 2007: Pharmasset Inc. (NASDAQ:VRUS): Clinical-stage company that is developing drugs for viral infections. Lead product clevudine, a pyrimidine nucleoside analog, is in Phase III trials in hepatitis B virus infection. On April 26, priced 5M shares at $9.00 per share for gross proceeds of $45.0M. In May, raised an additional $0.5M by selling 50,000 shares (partial overallotment). Total gross proceeds: $45.5M. Underwriters: Banc of America Securities and UBS Investment Bank (joint book-running managers); and JMP Securities. First-day change: +0.8%.
§ April 26, 2007: Orexigen Therapeutics Inc. (NASDAQ:OREX): Developing therapies for CNS disorders, with an initial focus on obesity. Lead drug candidates, which combine approved individual generic drugs, are in Phase II-Phase III clinical trials. On April 26, priced 7M shares at $12.00 per share for gross proceeds of $84.0M. On May 1, raised an additional $12.6M by selling the full overallotment option (1.05M shares). Total gross proceeds: $96.6M. Underwriters: Merrill Lynch (sole book-running manager); J.P. Morgan Securities (co-lead manager); JMP Securities; and Leerink Swann. First-day change: +8%.
§ March 16, 2007: Tongjitang Chinese Medicines Company (NYSE:TCM): A specialty pharma that focuses on developing, manufacturing and marketing modernized traditional Chinese medicine in China. On March 16, priced 8.35M ADSs (where 1 ADS = 4 ordinary shares) at $10.00 each for gross proceeds to the company of $83.5M. Selling shareholders sold an additional 1.52M ADSs in the IPO. Underwriters: Merrill Lynch & Co. and UBS Investment Bank (joint global coordinators and joint book-runners); and CIBC World Markets. First-day change: -3%.
§ Feb. 27, 2007: Rosetta Genomics Ltd. (NASDAQ:ROSG): Developing therapeutic and diagnostic products based on microRNA. Development programs are in early stages. On Feb. 27, priced 3.75M shares at $7.00 per share for gross proceeds of $26.3M. Underwriters: C.E. Unterberg, Towbin (lead); and Oppenheimer & Co. First-day change: +5%.
§ Feb. 9, 2007: Optimer Pharmaceuticals Inc. (NASDAQ:OPTR): Developing anti-infective drugs, two of which are in late-stage clinical trials. On Feb. 9, priced 7M shares at $7.00 per share for gross proceeds of $49M. Underwriters: Piper Jaffray and Jefferies & Co. (joint book-running managers); JMP Securities; and Rodman & Renshaw. First-day change: +21%.
§ Feb. 7, 2007: 3SBio Inc. (NASDAQ:SSRX): The Chinese biotech firm develops recombinant, protein-based products for large markets with unmet medical needs, primarily in China. Its principle marketed products include EPIAO (human erythropoietin) and TPIAO (human thrombopoietin). There are six product candidates in development. On Feb. 7, priced 7,187,817 ADSs at $16.00 each for gross proceeds to the company of $115M. Selling shareholders sold an additional 512,183 ADSs in the IPO. In March, raised an additional $4.0M by selling 252,634 ADSs (partial allotment). Total gross proceeds: $119.0M. Underwriters: UBS Investment Bank (lead); CIBC World Markets; and Pacific Growth Equities. First-day change: -7%.
§ Feb. 6, 2007: Synta Pharmaceuticals Corp. (NASDAQ:SNTA): Developing small molecule drugs, derived from an internal chemical compound library, for treating cancer and chronic inflammatory diseases. Lead drug candidate induces a stress response in cancer cells and is being tested with paclitaxel in Phase II trials in patients with metastatic melanoma. On Feb. 6, priced 5M shares at $10.00 per share for gross proceeds of $50M. Underwriters: Bear, Stearns & Co. and Lehman Brothers (joint book-running managers); Lazard Capital Markets; and Montgomery & Co. First-day change: -9%.
§ Feb. 2, 2007: Molecular Insight Pharmaceuticals Inc. (NASDAQ:MIPI): Developing molecular imaging pharmaceuticals and targeted radiotherapeutics. Lead product Zemiva has completed Phase II clinical trials in diagnosing cardiac ischemia. On Feb. 2, priced 5M shares at $14.00 per share for gross proceeds of $70M. Underwriters: RBC Capital Markets and Jefferies & Co. (joint book-running managers); A.G. Edwards & Sons; and Oppenheimer & Co. First-day change: +0.6%.
Completed Follow-Ons
§ Dec. 13, 2007: Anesiva Inc. (NASDAQ:ANSV) priced a follow-on offering of 11,111,111 shares at $4.05 per share for gross proceeds of $45M. On Dec. 21, raised an additional $5M by selling the full overallotment (1,234,568 shares). Total gross proceeds: $50M. Underwriters: Pacific Growth Equities (lead); Broadpoint Capital; and Fortis Securities.
§ Nov. 14, 2007: Inverness Medical Innovations Inc. (AMEX:IMA) priced a follow-on offering of 12M shares at $61.49 per share. Of these, the company sold 11,834,302 shares for gross proceeds to the company of $727.7M. Selling stockholders sold the remaining shares (165,698 shares). On Nov. 22, the company raised an additional $110.7M by selling the full overallotment (1.8M shares). Total gross proceeds: $838.4M. Underwriters: UBS Investment Bank; Jefferies & Co.; and Merrill Lynch (joint book-running managers); Leerink Swann; and Stifel, Nicolaus & Co.
§ Nov. 1, 2007: Arena Pharmaceuticals Inc. (NASDAQ:ARNA) priced a follow-on offering of 11M shares at $9.91 per share for gross proceeds of $109M. Underwriters: CIBC World Markets and UBS Investment Bank.
§ Oct. 30, 2007: Neurobiological Technologies Inc. (NASDAQ:NTII) priced a follow-on offering of 21,818,181 shares at $2.75 per share for gross proceeds of $60M. Underwriters: Merriman Curhan Ford (sole book-running manager) and Dawson James Securities.
§ Oct. 26, 2007: Bionovo Inc. (NASDAQ:BNVI) priced a follow-on offering of 10M shares at $2.50 per share for gross proceeds of $25M. Underwriters: BMO Capital Markets and Canaccord Adams (joint book-running managers); and Merriman Curhan Ford & Co.
§ Oct. 24, 2007: Protalix BioTherapeutics Inc. (AMEX:PLX) priced a follow-on offering of 10M shares at $5.00 per share for gross proceeds of $50M. Underwriters: UBS Securities (sole book-running manager) and CIBC World Markets.
§ Sept. 21, 2007: InterMune Inc. (NASDAQ:ITMN) priced a follow-on offering of 3.5M shares at $19.50 per share for gross proceeds of $68.3M. On Sept. 26 raised an additional $10.2M by selling the full overallotment (525,000 shares). Total gross proceeds: $78.5M. Underwriters: Goldman, Sachs (sole book-running manager); Deutsche Bank Securities (co-lead manager); and CIBC World Markets.
§ Sept. 20, 2007: Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) priced a follow-on offering of 2.6M shares at $23.15 per share for gross proceeds of $60.2M. Underwriters: UBS Investment Bank; CIBC World Markets; and Morgan Stanley (joint book-running managers).
§ Sept. 13, 2007: Exelixis Inc. (NASDAQ:EXEL) priced a follow-on offering of 7M shares at $10.30 per share for gross proceeds of $72.1M. Underwriter: Goldman, Sachs & Co.
§ July 13, 2007: Dyax Corp. (NASDAQ:DYAX) priced a follow-on offering of 10.5M shares at $3.67 per share for gross proceeds of $38.5M. On July 25, raised an additional $5.8M by selling the full overallotment (1.575M shares). Total gross proceeds: $44.3M. Underwriters: UBS Investment Bank (sole book-running manager); Deutsche Bank Securities; J. P. Morgan Securities; and Lazard Capital Markets.
§ June 21, 2007: Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) priced a follow-on offering of 6.6M shares at $28.00 per share for gross proceeds of $184.8M. Underwriters: Morgan Stanley & Co. and Merrill Lynch (joint book-running managers); J.P. Morgan Securities; and Banc of America Securities.
§ June 14, 2007: ArQule Inc. (NASDAQ:ARQL) priced a follow-on offering of 7M shares at $7.75 per share for gross proceeds of $54.2M. On July 18, raised an additional $3.9M by selling 502,000 shares (partial overallotment). Total gross proceeds: $58.1M. Underwriters: UBS Investment Bank and CIBC World Markets (joint book-running managers); Leerink Swann; Fortis Securities; and Rodman & Renshaw.
§ June 8, 2007: Acorda Therapeutics Inc. (NASDAQ:ACOR) priced a follow-on offering of 3.75M shares at $18.50 per share for gross proceeds of $69.4M. Of those shares, the company sold 3,626,960 for gross proceeds to the company of $67.1M. Certain shareholders sold the remainder. On July 6, raised an additional $10.4M by selling the full overallotment (562,500 shares). Total gross proceeds to Acorda: $77.5M. Underwriters: Banc of America Securities and Deutsche Bank Securities (joint book-running managers).
§ May 31, 2007: Cypress Bioscience Inc. (NASDAQ:CYPB) priced a follow-on offering of 4.7M shares at $15.50 per share for gross proceeds of $72.9M. Underwriters: UBS Investment Bank (sole book-running manager); CIBC World Markets; and Jefferies & Co.
§ May 24, 2007: Sunesis Pharmaceuticals Inc. (NASDAQ:SNSS) priced a follow-on offering of 4.75M shares at $4.43 per share for gross proceeds of $21M. Underwriters: Lehman Brothers (sole book-running manager); Cowen & Co.; and C.E. Unterberg, Towbin.
§ May 23, 2007: Advanced Magnetics Inc. (NASDAQ:AMAG) priced a follow-on offering of 2.5M shares at $65.14 per share for gross proceeds of $162.9M. Underwriters: Morgan Stanley & Co. (sole book-running manager); Bear Stearns & Co. (joint lead manager); Deutsche Bank Securities; Jefferies & Co.; and ThinkEquity Partners.
§ May 21, 2007: Genomic Health Inc. (NASDAQ:GHDX) priced a follow-on offering of 3M shares at $15.50 per share for gross proceeds of $46.5M. Underwriters: J.P. Morgan Securities (sole book-running manager); Lehman Brothers (co-lead manager); Piper Jaffray; and JMP Securities.
§ May 10, 2007: Pharmion Corp. (NASDAQ:PHRM) priced a follow-on offering of 4M shares at $30.00 per share for gross proceeds of $120M. On June 7, raised an additional $18M by selling the full overallotment (600,000 shares). Total gross proceeds: $138M. Underwriters: Banc of America Securities (sole book-running manager); Cowen and Co. (co-lead manager); Pacific Growth Equities; Friedman, Billings, Ramsey & Co.; and HSBC Securities.
§ May 2, 2007: Rigel Pharmaceuticals Inc. (NASDAQ:RIGL) priced a follow-on offering of 5M shares at $9.75 per share for gross proceeds of $48.8M. Underwriters: Credit Suisse Securities and Lehman Brothers (joint book-running managers); and Thomas Weisel Partners.
§ May 2, 2007: Pharmacopeia Drug Discovery Inc. (NASDAQ:PCOP) priced a follow-on offering of 7M shares at $5.00 per share for gross proceeds of $35M. On May 8, raised an additional $5.3M by selling the full overallotment option (1.05M shares). Total gross proceeds: $40.3M. Underwriters: CIBC World Markets (sole book-running manager); Canaccord Adams; and Merriman Curhan Ford.
§ May 1, 2007: Array BioPharma Inc. (NASDAQ:ARRY) priced a follow-on offering of 7M shares at $13.00 per share for gross proceeds of $91M. Underwriters: J.P Morgan Securities and Banc of America Securities (joint book-running managers); Jefferies & Co.; and Piper Jaffray.
§ April 27, 2007: Genitope Corp. (NASDAQ:GTOP) priced a follow-on offering of 5.5M shares at $3.85 per share for gross proceeds of $21.2M. On May 17, raised an additional $2M by selling 510,279 shares (partial overallotment). Total gross proceeds: $23.2M. Underwriter: Punk, Ziegel & Co.
§ April 27, 2007: Alexza Pharmaceuticals Inc. (NASDAQ:ALXA) priced a follow-on offering of 6M shares at $10.25 per share for gross proceeds of $61.5M. On April 30, raised an additional $9.2M by selling the full overallotment option (900,000 shares). Total gross proceeds: $70.7M. Underwriters: Merrill Lynch & Co. and Morgan Stanley & Co. (joint book-running managers); Pacific Growth Equities; and RBC Capital Markets.
§ April 25, 2007: Poniard Pharmaceuticals Inc. (NASDAQ:PARD) priced a follow-on offering of 10,302,905 shares at $6.33 per share for gross proceeds of $65.2M. On April 30, raised an additional $9.8M by selling the full overallotment option (1,545,436 shares). Total gross proceeds: $75M. Underwriters: CIBC World Markets and Lazard Capital Markets (joint book-running managers); Pacific Growth Equities; Leerink Swann; and Fortis Securities.
§ April 19, 2007: Altus Pharmaceuticals Inc. (NASDAQ:ALTU) priced a follow-on offering of 6M shares at $14.75 per share for gross proceeds of $88.5M. On April 30, raised an additional $7.7M by selling 518,830 shares (partial overallotment). Total gross proceeds: $96.2M. Underwriters: Merrill Lynch and Morgan Stanley (joint book-running managers); Cowen & Co.; and Leerink Swann.
§ April 4, 2007: Acadia Pharmaceuticals Inc. (NASDAQ:ACAD) priced a follow-on offering of 5.75M shares at $15.50 per share for gross proceeds of $89.1M. On April 20, raised an additional $13.4M by selling the full overallotment option (862,500 shares). Total gross proceeds: $102.5M. Underwriters: Banc of America Securities and Lehman Brothers (book-running managers); Deutsche Bank Securities (co-lead manager); Piper Jaffray; JMP Securities; and Rodman & Renshaw.
§ March 29, 2007: La Jolla Pharmaceutical Co. (NASDAQ:LJPC) priced a follow-on offering of 5.8M shares at $6.00 per share for gross proceeds of $34.8M. On April 10, raised an additional $5.2M by selling the full overallotment option (870,000 shares). Total gross proceeds: $40M. Underwriters: Needham & Co. (sole book-running manager) and A.G. Edwards & Sons.
§ Feb. 13, 2007: Palatin Technologies Inc. (AMEX:PTN) priced a follow-on offering of 13.75M shares at $2.00 per share for gross proceeds of $27.5M. Underwriter: Pacific Growth Equities.
§ Jan. 31, 2007: Repros Therapeutics Inc. (NASDAQ:RPRX) priced a follow-on offering of 2.61M shares at $13.75 per share for gross proceeds of $35.9M. Underwriters: CIBC World Markets (sole book-running manager); Punk, Ziegel & Co.; and ThinkEquity Partners.
§ Jan. 30, 2007: Allos Therapeutics Inc. (NASDAQ:ALTH) priced a follow-on offering of 9M shares at $6.00 per share for gross proceeds of $54M. Underwriters: Merrill Lynch & Co. (sole book-runner and lead manager); Banc of America Securities; and JMP Securities.
§ Jan. 29, 2007: MediciNova Inc. (NASDAQ:MNOV) priced a follow-on offering of 1M shares at $12.00 per share for gross proceeds of $12M. Underwriter: MDB Capital Group.
§ Jan. 26, 2007: Inverness Medical Innovations Inc. (AMEX:IMA) priced a follow-on offering of 6M shares at $39.65 per share for gross proceeds of $237.9M. On Feb. 1, raised an additional $35.7M by selling the full overallotment (900,000 shares). Total gross proceeds: $273.6M. Underwriters: Jefferies & Co. and UBS Investment Bank (joint book-running managers); Cowen and Co.; and Leerick Swann & Co.
§ Jan. 19, 2007: Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) priced a follow-on offering of 3.8M shares at $27.29 per share for gross proceeds of $103.7M. On Jan. 22, raised an additional $15.6M by selling the full overallotment (570,000 shares). Total gross proceeds: $119.3M. Underwriters: JP Morgan and Morgan Stanley (joint book-running managers); Banc of America Securities; and Natexis Bleichroeder.
§ Jan. 18, 2007: Cardiome Pharma Corp. (NASDAQ:CRME) priced a follow-on offering of 8M shares at $10.50 per share for gross proceeds of $84M. On Jan. 22, raised an additional $12.6M by selling the full overallotment (1.2M shares). Total gross proceeds: $96.6M. Underwriters: Bear, Stearns & Co. (book-running manager); CIBC World Markets (co-lead manager); Canaccord Adams; Leerick Swann; Raymond James; Orion Securities; and Sprott Securities.
§ Jan. 18, 2007: Nastech Pharmaceutical Company Inc. (NASDAQ:NSTK) priced a follow-on offering of 3.25M shares at $13.00 per share for gross proceeds of $42.3M. Underwriter: UBS Investment Bank.
Postponements And Withdrawals
§ Dec. 28, 2007: Merrion Pharmaceuticals Ltd.: International specialty pharma company that is developing improved oral dosage forms of drugs that have poor bioavailability. Two products are in clinical trials. On Dec. 28, the company withdrew its proposed IPO of 4M ADSs at $6.00-$7.00 per ADS. It filed the registration statement March 30, 2007. Underwriters: Punk, Ziegel (lead); Goodbody Stockbrokers; and Stanford Group Co.
§ Dec. 20, 2007: Akela Pharma Inc.: Developing pain therapies that are delivered by inhalation. Lead product, a fast-acting fentanyl drug delivered by a dry powder inhaler, is in Phase II trials in breakthrough cancer pain. (The company’s stock is already listed on the Toronto Stock Exchange as AKL). On Dec. 20, the company withdrew its proposed IPO of 5.3M shares at US$6.00-US$8.00 per share. It filed the registration statement on Oct. 12, 2007. Underwriters: Lazard Capital Markets (sole book-running manager); Oppenheimer & Co.; and Broadpoint Capital.
§ Dec. 6, 2007: Precision Therapeutics Inc.: Developing tests that assist physicians in individualizing cancer therapy. The company already markets ChemoFx, a chemoresponse test that uses a patient’s live tumor cells to assess that individual’s likelihood of response (or resistance) to various cancer drugs or drug combinations. On Dec. 4 the company announced that it is going to be acquired by Oracle Healthcare Acquisition; on Dec. 6, it withdrew its proposed $80.5M IPO. It filed the registration statement on Aug. 24, 2007. Underwriters: JP Morgan (lead); Piper Jaffray; and JMP Securities.
§ Nov. 21, 2007: Reliant Pharmaceuticals Inc.: A specialty pharmaceutical company that markets a portfolio of branded products to primary care, cardiovascular and specialist physicians. On Nov. 21, the company announced that it is going to be acquired by GlaxoSmithKline plc, so it withdrew its proposed IPO of 11.722M shares at $25.00-$27.00 per share. It filed the registration statement Aug. 10, 2007. Underwriters: Goldman Sachs (lead); Merrill Lynch; JPMorgan; Banc of America Securities; and Lazard Capital Markets. Note: This is the second time the company filed for an IPO. It first filed on May 20, 2005, but withdrew the registration on Nov. 17, 2005.
§ Nov. 8, 2007: MediciNova Inc. (NASDAQ:MNOV) withdrew its proposed follow-on offering of 6M shares. Underwriters: Pacific Growth Equities (book-running manager); HSBC; Punk, Ziegel; and Rodman & Renshaw.
§ Oct. 5, 2007: ZARS Pharma Inc.: A specialty pharma company that is using its drug delivery technologies to develop topically applied drugs, initially for pain management. Two of the company’s products have been approved for marketing and three more are in the clinic. On Oct. 5, the company withdrew its proposed IPO of 5M shares at $14.00-$16.00 per share. It filed the registration statement on June 11, 2007. Underwriters: Cowen and Co. and CIBC World Markets (joint book-running managers); Leerink Swann; and Susquehanna Financial Group.
§ Sept. 24, 2007: Adnexus Therapeutics Inc.: Developing medicines based on adnectins, which are generated from human fibronectin via protein engineering. Lead product Angiocept, an antagonist of the VEGFR-2 pathway, is in Phase I clinical trials in oncology. On Sept. 24, the company announced that it was being acquired by Bristol-Myers Squibb Co. in a $430M deal that has not closed yet. The $86.25M IPO, which was filed Aug. 21, 2007, was underwritten by Lehman Brothers and UBS Securities (book-running managers); Cowen and Co.; and Lazard Freres & Co.
§ July 27, 2007: Quark Pharmaceuticals Inc.: Using gene discovery science and technology platform to discover RNA interference-based therapeutics (initially) for diseases associated with oxidative stress. Products are in clinical trials for wet AMD and the prevention of acute renal failure. On July 27, the company withdrew its proposed IPO of 5M shares at $12.00-$14.00 per share. It had already postponed the offering on June 27. It filed the registration statement on March 30, 2007. Underwriters: J.P. Morgan (lead); Banc of America Securities; CIBC World Markets; and C.E. Unterberg, Towbin.
§ July 25, 2007: NovaCardia Inc.: Clinical-stage company developing drugs for cardiovascular diseases. Clinical compounds include KW-3902 (a selective adenosine A1 receptor antagonist) for congestive heart failure and K-201 (a drug that stabilizes the ryanodine receptor-calcium release channel) for atrial fibrillation. On July 25, NovaCardia announced that it was being acquired by Merck & Co. in a $350M deal that has not closed yet. The $86.25M IPO, which was filed March 29, 2007, was underwritten by J.P. Morgan Securities and Credit Suisse Securities (joint book-running managers); Pacific Growth Equities; and First Albany Capital.
§ June 26, 2007: Endoceutics Inc.: Canadian biotech company that is developing hormone therapies for the treatment and prevention of breast cancer and endocrine-related disorders in postmenopausal women and aging men. The company plans to start three Phase III clinical trials in the next 12 months. On June 26, the company withdrew its proposed IPO of 5.75M shares at $7.00-$9.00 per share. It filed the registration statement on Feb. 27, 2007. Underwriters: First Albany Capital (lead); Oppenheimer & Co.; and Stifel Nicolaus.
§ June 19, 2007: NimbleGen Systems Inc.: Developing a suite of microarrays and related products and services for life sciences research. These products enable scientists to obtain, analyze and integrate complex genomic data. On June 19, NimbleGen announced that it was being acquired by Roche in a $272.5M deal that closed August 10, 2007. The $75M IPO, which was filed March 16, 2007, was underwritten by J.P. Morgan Securities (sole book-running manager); Thomas Weisel Partners (co-lead manager); Leerink Swann; and Robert W. Baird.
§ June 15, 2007: Aegerion Pharmaceuticals Inc.: A specialty pharma company that is developing small molecule drugs for treating cardiovascular and metabolic disease. Lead compounds, which are in clinical trials, limit the secretion of lipids from the intestine and liver (lipid-lowering agents). On June 15 the company withdrew its proposed IPO of 5M shares at $12.00-$14.00 per share. It filed the registration statement on March 21, 2007. Underwriters: Lehman Brothers (lead); CIBC World Markets; Thomas Weisel Partners; and Unterberg, Towbin.
§ June 12, 2007: Tapestry Pharmaceuticals Inc. (NASDAQ:TPPH) withdrew its proposed offering of $40M of common stock. Underwriters: Banc of America Securities (sole book-running manager); Needham & Co.(co-lead manager); and Rodman & Renshaw.
§ May 1, 2007: Perlegen Sciences Inc.: A pharmacogenomics company developing a pipeline of clinical-stage genetically targeted medicines for type II diabetes and dyslipidemia. Perlegen also specializes in genetic analyses and association studies. On May 1, the company withdrew its proposed $115M IPO. It filed the registration statement April 7, 2006. Underwriters: Lehman Brothers and Deutsche Bank Securities (joint book-running managers); Piper Jaffray; and Allen & Co.
§ April 20, 2007: PTC Therapeutics Inc.: Developing small molecule drugs that target post-transcriptional control processes, which regulate the rate and timing of protein production. Lead product is in Phase II trials for cystic fibrosis and Duchenne muscular dystrophy. On April 20, the company withdrew its proposed $86.25M IPO. It filed the registration statement March 31, 2006. Underwriters: Morgan Stanley & Co. (sole book-running and lead manager); J.P. Morgan Securities (co-lead manager); and Pacific Growth Equities.
§ March 7, 2007: OncoGenex Technologies Inc.: Developing cancer therapies that are designed to inhibit the production of proteins that are associated with treatment resistance. On March 7, the company withdrew its proposed IPO of 5M shares at $7.50-$8.50 per share. It filed the registration statement Dec. 12, 2006. Underwriters: RBC Capital Markets (lead manager); Needham & Co.; Lazard Capital Markets; Canaccord Adams; and Susquehanna Financial Group.
originally published 01/24/2007 |