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The decade of the aughts will go down in history as one marked by terrorism, turbulence, uncertainty and fear. But even though the worldwide financial crisis of 2008 cast its shadow over the first few months of 2009, during the second quarter there were signs that the capital markets were starting to recover – albeit slowly.
Biotech financing reflected this situation – and by the end of 2009 the industry had done itself proud. Importantly, investors returned to already-public companies, filling their coffers with money from follow-on stock offerings, debt financings, and other types of placements. Indeed, there were 57 follow-on stock offerings alone, which together raised more than $5.1 billion in new funds. That’s a substantial improvement over 2008, when only 12 follow-on offerings priced the entire year, and even beat out 2007, when 35 follow-ons occurred.
Investors are still largely bypassing biotech and specialty pharma company IPOs. In 2009, only four companies debuted on U.S. markets, while an additional four went public ex-U.S. (including Russia).
How will the markets shape up for 2010? Well, there are widespread hopes that the worst is behind us. In December 2009, four companies filed for IPOs, plumping the queue to 11 young firms focused on going public this year. Is that too optimistic?
Regardless, Signals will keep a running tally of biotech and specialty pharma offerings made in U.S. markets in 2010. (For 2009’s offerings, please refer to the Signals article, “The Class Of 2009: Waiting For A Rebound.")
To make it easier for you to follow the action, we're providing some internal links. The list of IPOs on file follows directly. To get to the section that covers IPOs that have priced, click here. If you want to check out the follow-on offerings (excluding shelf registrations) that have been filed, click here. To see which of those have priced, click here. For withdrawals and postponements, click here.
IPOs On File
The IPOs that have yet to price are listed in reverse chronological order. The entries include the date of filing of the S-1 prospectus with the SEC; a brief description of the company's business; and the proposed size of the offering (including number of shares and price range, if determined.) The entries also list the lead manager and co-manager(s) of the offering.
• Nov. 5, 2010: Ambit Biosciences Corp.: Developing targeted small molecule kinase inhibitor-based drugs for cancer. Lead drug candidate, partnered with Astellas Pharma, is in Phase II trials in acute myeloid leukemia. Aggregate maximum offering price: $86.25M (the number of shares and price range per share have not been set yet). Underwriters: J.P. Morgan Securities and Credit Suisse Securities (joint book-running managers); Leerink Swann; and Wedbush PacGrow Life Sciences.
• Sept. 24, 2010: Quark Pharmaceuticals Inc.: Developing RNA interference (RNAi)-based therapies, initially for diseases associated with oxidative stress and ischemic injury. Three product candidates are in clinical development, the most advanced of which is partnered with Pfizer for treating diabetic macular edema. Maximum aggregate offering price: $20M. The stock will be issued on the Tel Aviv Stock Exchange, and the offering price will be determined in an auction process. NOTE: This is the second time that Quark Pharmaceuticals has filed for an IPO. It originally filed on March 30, 2007 and withdrew that prospectus on July 27, 2007.
• Sept. 10, 2010: Anacor Pharmaceuticals Inc.: Developing small-molecule drugs derived from a boron chemistry platform. Five compounds are in the clinic, including a topical antifungal for treating onychomycosis and a topical anti-inflammatory PDE-4 inhibitor for treating psoriasis. Maximum aggregate offering price: $86.25M (the number of shares and price range per share have not been set yet). Underwriters: Citi and Deutsche Bank Securities (joint book-running managers); Cowen and Co.; and Wedbush PacGrow Life Sciences. NOTE: This is the second time that Anacor Pharmaceuticals has filed for an IPO. It originally filed on Aug. 31, 2007 and withdrew that prospectus on Dec. 23, 2008.
• Sept. 3, 2010: Zogenix Inc.: A specialty pharma company that is developing therapies for central nervous system disorders and pain. The company launched its first commercial product Sumavel DosePro (a needle-free administration of sumatriptan for the acute treatment of migraine and cluster headache) in January 2010. 6M shares at $12-$14 per share. Underwriters: Wells Fargo Securities and Leerink Swann (joint book-running managers); Oppenheimer & Co.; and Stifel Nicolaus Weisel. NOTE: This is the second time that Zogenix has filed for an IPO. It originally filed on March 20, 2008 and withdrew that prospectus on Aug. 1, 2008.
• Aug. 17, 2010: Endocyte Inc.: Developing therapies for cancer and inflammatory diseases based on small molecule drug conjugates that actively target receptors that are over-expressed on diseased cells. The company is also developing companion imaging diagnostics for each drug candidate. Lead product is in Phase II clinical trials in ovarian cancer and non-small cell lung cancer. Maximum aggregate offering price: $86.25M (the number of shares and price range per share have not been set yet). Underwriters: RBC Capital Markets and Leerink Swann (joint book-running managers); Wedbush PacGrow Life Sciences; and Baird.
• Aug. 12, 2010: Cutanea Life Sciences Inc.: A specialty pharma company that has in-licensed three experimental therapies for dermatological conditions. The lead compound omiganan, a cationic peptide with antimicrobial and anti-inflammatory properties, is in Phase II clinical trials for rosacea. Maximum aggregate offering price: $15.0M (the number of shares and price range per share have not been set yet). Underwriters: Brean Murray, Carret & Co. and Rodman & Renshaw.
• Aug. 3, 2010: Horizon Pharma Inc.: Specialty pharmaceutical company that is developing drugs for arthritis, pain and inflammatory diseases. HZT-501, a fixed-dose combination of ibuprofen and famotidine, is under FDA review for reducing the risk of developing NSAID-induced upper GI ulcers in patients with mild-to-moderate pain or arthritis. Lodotra, a programmed release formulation of low-dose prednisone, is currently marketed in Europe and the company expects to file an NDA soon. Maximum aggregate offering price: $86.25M (the number of shares and price range per share have not been set yet). Underwriters: Jefferies & Co. and Piper Jaffray & Co. (joint book-running managers); JMP Securities; and Lazard Capital Markets.
• June 18, 2010: ReSearch Pharmaceutical Services Inc.: A global clinical research organization (CRO) that provides clinical development services to the biopharmaceutical industry. Maximum aggregate offering price: $100M (the number of shares and price range per share have not been set yet). Underwriters: Jefferies & Co. (book-running manager); William Blair & Co.; and Lazard Capital Markets.
• Jan. 29, 2010: BG Medicine Inc.: Developing biomarker-based diagnostic tests. Lead product candidate, the BGM Galectin-3 test for heart failure, measures blood levels of galectin-3 , a strong independent predictor of mortality or hospitalization. The company is also developing three other diagnostic tests for cardiovascular disease. Maximum aggregate offering price: $86.25M (the number of shares and price range per share have not been set yet). Underwriters: Jefferies & Co. and UBS Investment Bank (joint book-running managers); Cowen and Co.; and Thomas Weisel Partners. NOTE: This is the second time that BG Medicine has filed for an IPO. It first filed on August 3, 2007 and withdrew that prospectus on January 23, 2008.
• Dec. 23, 2009: Rules-Based Medicine Inc.: Developing molecular diagnostic tests based on disease/disorder-based biomarker patterns, initially for the psychiatric market. Maximum aggregate offering price: $90M (the number of shares and price range per share have not been set yet). Underwriters: Jefferies & Co. (sole book-running manager) and Stephens Inc.
• Oct. 28, 2009: Aldagen Inc.: Clinical-stage company that is developing regenerative cell therapies using adult stem cells. The lead compound is in Phase III clinical trials to improve engraftment following umbilical cord blood transplants for treating inherited metabolic diseases in children. Two other compounds are in the clinic. Maximum aggregate offering price: $80.5M (the number of shares and price range per share have not been set yet). Underwriters: Cowen and Co. and Wells Fargo Securities. Note: This is the second time that Aldagen has filed for an IPO. It first filed on May 9, 2008 and withdrew that prospectus on October 7, 2008.
• July 24, 2008: AutoGenomics Inc.: Developing an automated microarray-based multiplexing platform that can be used to assess disease signatures in areas of genetic disorders, infectious disease, and cancer. Maximum aggregate offering price: $86.3M (the number of shares and price range per share have not been set yet). Underwriters: J.P. Morgan Securities (sole book-running manager); Deutsche Bank Securities (co-lead manager); Pacific Growth Equities; and Robert W. Baird & Co.
• Dec 19 , 2007: Prometheus Laboratories Inc.: A specialty pharma company that is developing combination pharmaceutical and diagnostic products for individualized patient care, with a current focus on gastrointestinal diseases and disorders. It markets a number of drugs, including the glucocorticosteroid Entocort EC for Crohn’s disease, licensed from AstraZeneca. Maximum aggregate offering price: $100M (the number of shares and price range per share have not been set yet). Underwriters: Goldman, Sachs & Co. (lead); Banc of America Securities; Credit Suisse; Cowen and Co.; and Pacific Growth Equities.
Completed IPOs
• Nov. 10, 2010: Complete Genomics Inc. (NASDAQ:GNOM): Developing and commercializing a DNA sequencing platform intended to become the preferred solution for complete human genome sequencing and analysis at an eventual cost of under $1,000 per genome. On Nov. 10, priced 6.0M shares at $9.00 per share for gross proceeds of $54.0M. First-day change: -11%.
• Oct. 26, 2010: Pacific Biosciences of California Inc. (NASDAQ:PACB): Developing single molecule, real-time technology for studying the synthesis and regulation of DNA, RNA and protein, with an initial focus on DNA sequencing. On Oct. 26, priced 12.5M shares at $16.00 per share for gross proceeds of $200.0M. Underwriters: J.P. Morgan Securities and Morgan Stanley & Co. (joint book-running managers); Deutsche Bank Securities; and Piper Jaffray & Co. First-day change: +3%.
• Oct. 22, 2010: Aegerion Pharmaceuticals Inc. (NASDAQ:AEGR): A specialty pharma company that is developing small molecule drugs for treating cardiovascular and metabolic disease. Lead compound lomitapide, which is in late-stage clinical trials for treating homozygous familial hypercholesterolemia, is a microsomal triglyceride transfer protein inhibitor. On Oct. 22, priced 5M shares at $9.50 per share for gross proceeds of $47.50M. On Nov. 1, raised an additional $7.1M by selling the full overallotment (0.75M shares). Total gross proceeds: $54.6M. (NOTE: This is the second time that Aegerion Pharmaceuticals has filed for an IPO. It originally filed on Nov. 20, 2007 and withdrew that prospectus on Dec. 12, 2008.) Underwriters: Leerink Swann and Lazard Capital Markets (joint book-running managers); Needham & Co.; Canaccord Genuity; and Collins Stewart. First-day change:+13.7%.
• Oct. 18, 2010: ShangPharma Corp. (NYSE:SHP): Shanghai-based contract research organization offering integrated services across the drug discovery and development process. On Oct. 18, priced 5.8M ADSs (American Depositary Shares, where 1 ADS = 18 shares) at $15.00 per ADS. The company sold 3.2M ADSs for gross proceeds to the company of $48.0M. Selling shareholders sold the remainder. Underwriters: Citigroup Global Markets and J.P. Morgan Securities (joint book-running managers); William Blair & Co.; and Oppenheimer & Co. First-day change: -15%.
• Sept. 27, 2010: Amyris Biotechnologies Inc. (NASDAQ:AMRS): Using an industrial synthetic biology platform to provide alternatives to select petroleum-sourced products used in specialty chemical and transportation fuels (biofuels). The company uses genetically modified microbes, especially yeast, to convert plant-sourced sugars into various target molecules. On Sept. 27, priced 5.3M shares at $16.00 per share for gross proceeds of $84.8M. Underwriters: Morgan Stanley; Goldman, Sachs & Co.; and J.P. Morgan Securities (joint book-running managers); Banco Itau; and Stifel Nicolaus Weisel. First-day change: +3%.
• Aug. 6, 2010: NuPathe Inc. (NASDAQ:PATH): A specialty pharmaceutical company that is developing therapies for diseases of the central nervous system, including neurological and psychiatric disorders. Its lead product candidate Zelrix is a transdermal patch that delivers sumatriptan for treating migraine. On Aug. 6, priced 5M shares at $10.00 per share for gross proceeds of $50.0M. Underwriters:Leerick Swann and Lazard Capital Markets (joint book-running managers); and Needham & Co. First-day change: -4%.
• Aug. 3, 2010: Trius Therapeutics Inc. (NASDAQ:TSRX): Developing antibiotics for serious, life-threatening infections, including those caused by MRSA. Lead product, a second-generation oxazolidinone, is about to enter Phase III trials in acute bacterial skin and skin structure infections. On Aug. 3, priced 10M shares at $5.00 per share for gross proceeds of $50.0M. Underwriters: Citigroup Global Markets (sole book-running manager); Piper Jaffray (co-lead manager); Canaccord Genuity; and JMP Securities. First-day change: 0%.
• May 28, 2010: Genmark Diagnostics Inc. (NASDAQ:GNMK): A molecular diagnostics company developing an electrochemical technology that enables fast, accurate and highly sensitive detection of up to 72 distinct biomarkers in a single sample. On May 28, priced 4.6M shares at $6.00 per share for gross proceeds of $27.6M. Underwriters: Piper Jaffray & Co. (sole book-running manager); William Blair & Co.; and ThinkEquity. First-day change: -10%.
• April 21, 2010: Alimera Sciences Inc. (NASDAQ:ALIM): Developing ophthalmic pharmaceuticals, especially for diseases that affect the back of the eye. Lead product candidate Iluvien, an intravitreal insert containing a low dose corticosteroid, is in Phase III clinical trials for diabetic macular edema. On April 21, sold 6.55M shares at $11.00 per share for gross proceeds of $72.1M. (NOTE: This was the second time that Alimera Sciences filed for an IPO. It first filed on July 1, 2008 and withdrew that prospectus on April 8, 2009.) Underwriters: Credit Suisse (lead); Citi; Cowen and Co.; and Oppenheimer & Co. First-day change: 0%.
• April 21, 2010: Codexis Inc. (NASDAQ:CDXS): Developing optimized biocatalysts that make existing industrial processes faster, cleaner and more efficient than current methods – including for use in producing biofuels. On April 21, sold 6M shares at $13.00 per share for gross proceeds of $78.0M. (NOTE: This was the second time that Codexis filed for an IPO. It first filed on April 14, 2008 and withdrew that prospectus on September 3, 2008.) Underwriters: Credit Suisse Securities and Goldman, Sachs & Co. (joint book-running managers); RBC Capital Markets; and Pacific Crest Securities. First-day change: +2%.
• April 9, 2010: Tengion Inc. (NASDAQ:TNGN): A regenerative medicine company that is developing replacement organs and tissues (neo-organs and neo-tissues) from the patient’s own (autologous) cells. Lead product, the neo-urinary conduit, is about to enter Phase I clinical trials in patients with bladder cancer. On April 9, priced 6M shares at $5.00 per share for gross proceeds of $30.0M. Underwriters: Piper Jaffray & Co. and Leerink Swann (joint book-running managers). First-day change: +0.4%.
• March 25, 2010: CorMedix Inc. (NYSE Amex:CRMD): A specialty pharma company that is developing therapies for cardiac and renal dysfunction by inlicensing product candidates that have previously been tested in human clinical trials or marketed elsewhere for different indications. On March 25, priced 1.925M units (1 unit = 2 shares + 1 warrant to buy 1 share) at $6.50 per unit for gross proceeds of $12.5M. Underwriter: Maxim Group. First-day change: +1%.
• March 11, 2010: AVEO Pharmaceuticals Inc.: Developing targeted cancer therapies. Lead product candidate, a small molecule inhibitor of VEGF receptors 1,2, and 3, has completed Phase II trials in patients with advanced renal cell cancer. On March 11, priced 9M shares at $9.00 per share for gross proceeds of $81.0M. On April 1, raised an additional $8.7M by selling 968,539 shares (partial overallotment). Total gross proceeds: $89.7M. Underwriters: J.P. Morgan Securities and Morgan Stanley (joint book-running managers); Leerink Swann; and Canaccord Adams. First-day change: 0%.
• March 1, 2010: Anthera Pharmaceuticals Inc.: (NASDAQ:ANTH): Clinical-stage company that is developing therapies for inflammatory diseases, including cardiovascular and autoimmune diseases. Lead product, a small molecule that inhibits secretory phospholipase A2, is entering Phase III trials in acute coronary syndrome. On March 1, priced 6M shares at $7.00 per share for gross proceeds of $42.0M. On March 31, raised an additional $4.2M by selling 604,492 shares (partial overallotment). Total gross proceeds: $46.2M. Underwriters: Deutsche Bank Securities (lead); Piper Jaffray; Cowen and Co.; and Merriman Curhan Ford. First-day change: 0%.
• Feb. 2, 2010: Ironwood Pharmaceuticals Inc.: (NASDAQ:IRWD): Clinical-stage company whose lead product linaclotide is in Phase III trials for irritable bowel syndrome with constipation and chronic constipation. On Feb. 2, priced 16.7M shares at $11.25 per share for gross proceeds of $187.9M. On Feb. 16, raised an additional $28.1M by selling the full overallotment (2.5M shares). Total gross proceeds: $216M. Underwriters: J.P. Morgan Securities; Morgan Stanley & Co.; and Credit Suisse Securities (joint book-running managers); BofA Merrill Lynch; and Wedbush PacGrow Life Sciences. First-day change: +3.6%.
Follow-Ons Pending
No follow-on offerings are pending.
Completed Follow-Ons
• Nov. 11, 2010: Micromet Inc. (NASDAQ:MITI) priced a follow-on offering of 9.9M shares at $7.30 per share for gross proceeds of $72.3M. Underwriter: Piper Jaffray.
• Nov. 11, 2010: Cadence Pharmaceuticals Inc. (NASDAQ:CADX) priced a follow-on offering of 11.5M shares at $8.00 per share for gross proceeds of $92.0M. Underwriters: Deutsche Bank Securities (sole book-running manager); Leerick Swann (co-lead manager); JMP Securities; Wedbush PacGrow Life Sciences; and Canaccord Genuity.
• Nov. 10, 2010: Cerus Corp. (NASDAQ:CERS) priced a follow-on offering of 7,368,422 units (1 U = 1 share + 1 warrant for 0.5 share) at $2.85 per unit for gross proceeds of $21.0M. Underwriters: Jefferies & Co. (sole book-running manager) and Robert W. Baird & Co.
• Nov. 4, 2010: Exact Sciences Corp. (NASDAQ:EXAS) priced a follow-on offering of 10M shares at $6.00 per share for gross proceeds of $60.0M. On Nov. 10, raised an additional $9.0M by selling the full overallotment (1.5M shares). Total gross proceeds: $69.0M. Underwriters: Jefferies & Co. and Robert W. Baird & Co. (joint book-running managers); Lazard Capital Markets and Rodman & Renshaw (co-managers).
• Oct. 29, 2010: PharmAthene Inc. (NYSE Amex:PIP) priced a follow-on offering of 4.3M shares at $3.50 per share for gross proceeds of $15.1M. Underwriter: Roth Capital Partners.
• Oct. 28, 2010: Dynavax Technologies Corp. (NASDAQ:DVAX) priced a follow-on offering of 23.0M shares at $1.70 per share for gross proceeds of $39.1M. On Nov. 2, raised an additional $5.9M by selling the full overallotment (3.45M shares). Total gross proceeds: $45.0M. Underwriters: Jefferies & Co. (sole book-running manager); Wedbush PacGrow Life Sciences; and Cowen and Co.
• Oct. 27, 2010: GTx Inc. (NASDAQ:GTXI) priced a follow-on offering of 14,285,715 shares at $2.80 per share for gross proceeds of $40.0M. Underwriter: Lazard Capital Markets (sole book-running manager).
• Oct. 26, 2010: ARIAD Pharmaceuticals Inc. (NASDAQ:ARIA) priced a follow-on offering of 16M shares at $3.70 per share for gross proceeds of $59.2M. Underwriters: Jefferies & Co. and Oppenheimer & Co. (joint book-running managers).
• Oct. 19, 2010: OncoGenex Pharmaceuticals Inc. (NASDAQ:OGXI) priced a follow-on offering of 3,174,602 units (1 U = 1 share + 0.5 warrant) at $15.75 per unit for gross proceeds of $50.0M. Underwriters: Stifel Nicolaus Weisel (sole book-running manager); Needham & Co.; Rodman & Renshaw; and Wedbush PacGrow Life Sciences.
• Oct. 15, 2010: Anadys Pharmaceuticals Inc. (NASDAQ:ANDS) priced a follow-on offering of 13,888,889 shares at $1.80 per share for gross proceeds of $25.0M. Underwriter: Lazard Capital Markets (sole book-running manager).
• Oct. 8, 2010: Cytori Therapeutics Inc. (NASDAQ:CYTX) priced a follow-on offering of 4M shares at $4.50 per share for gross proceeds of $18.0M .On Oct. 13, raised an additional $2.7M by selling the full overallotment (0.6M shares). Total gross proceeds: $20.7M. Underwriter: Jefferies & Co. (sole book-running manager).
• Oct. 8, 2010: Regeneron Pharmaceuticals Inc. (NASDAQ:REGN) priced a follow-on offering of 5.5M shares at $28.00 per share for gross proceeds of $154.0M. On Oct. 13, raised an additional $23.1M by selling the full overallotment (0.825M shares). Total gross proceeds: $177.1M. Underwriter: Citi (sole book-running manager).
• Oct. 1, 2010: Chelsea Therapeutics International Ltd. (NASDAQ:CHTP) priced a follow-on offering of 7.14M shares at $4.90 per share for gross proceeds of $35.0M. On Oct. 6, raised an additional $5.2M by selling the full overallotment (1.07M shares). Total gross proceeds: $40.2M. Underwriters: Deutsche Bank Securities (sole book-running manager) and Needham & Co.
• Oct. 1, 2010: Sunesis Pharmaceuticals Inc. (NASDAQ:SNSS) priced a follow-on offering of 44.1M units (1 unit = 1 share + 1 warrant to buy 0.5 share) at $0.35 per unit for gross proceeds of $15.4M. Underwriters: Cowen and Co. (sole lead underwriter) and ThinkEquity.
• Sept. 29, 2010: MAP Pharmaceuticals Inc. (NASDAQ:MAPP) priced a follow-on offering of 3M shares at $14.50 per share for gross proceeds of $43.5M. On Oct. 4, raised an additional $6.5M by selling the full overallotment (0.45M shares). Total gross proceeds: $50.0M. Underwriters: Lazard Capital Markets (sole book-running manager) and Wedbush PacGrow Life Sciences.
• Sept. 24, 2010: Vical Inc. (NASDAQ:VICL) priced a follow-on offering of 15M shares at $2.25 per share for gross proceeds of $33.8M. Underwriters: Jefferies & Co. (sole book-running manager); Stifel Nicolaus Weisel (co-lead manager); and Canaccord Genuity.
• Sept. 16, 2010: NPS Pharmaceuticals Inc. (NASDAQ:NPSP) priced a follow-on offering of 6.88M shares at $6.00 per share for gross proceeds of $41.3M. On Sept. 21, raised an additional $6.2M by selling the full overallotment (1.032M shares). Total gross proceeds: $47.5M. Underwriters: Jefferies & Co. (sole book-running manager) and Canaccord Genuity.
• Sept. 9, 2010: Halozyme Therapeutics Inc. (NASDAQ:HALO) priced a follow-on offering of 8.3M shares at $7.50 per share for gross proceeds of $62.3M. Underwriter: Barclays Capital Inc.
• July 14, 2010: BioMimetic Therapeutics Inc. (NASDAQ:BMTI) priced a follow-on offering of 5M shares at $8.50 per share for gross proceeds of $42.5M. On July 20, raised an additional $5.5M by selling 642,000 shares (partial overallotment). Total gross proceeds: $48.0M. Underwriters: J.P. Morgan Securities (sole book-running manager); Canaccord Genuity; and Wedbush PacGrow Life Sciences.
• June 25, 2010: Corcept Therapeutics Inc. (NASDAQ:CORT) priced a follow-on offering of 5M shares at $3.00 per share for gross proceeds of $15.0M. Underwriter: Thomas Weisel Partners.
• June 17, 2010: Discovery Laboratories Inc. (NASDAQ:DSCO) priced a follow-on offering of 35,714,286 units (1 U + 1 share + 1 5-year warrant to buy 0.5 share + 1 short-term warrant to buy 0.5 share) at $0.28 per unit for gross proceeds of $10.0M. Underwriters: Lazard Capital Markets (sole book-running manager) and Boenning and Scattergood.
• June 9, 2010: Clinical Data Inc. (NASDAQ:CLDA) priced a follow-on offering of 1,945,576 shares at $14.30 per share for gross proceeds of $27.8M. On June 14, raised an additional $4.2M by selling the full overallotment (291,836 shares). Total gross proceeds: $32.0M. Underwriters: BMO Capital Markets (sole book-running manager); Wedbush PacGrow Life Sciences; and Roth Capital Partners.
• May 27, 2010: ZIOPHARM Oncology Inc. (NASDAQ:ZIOP) priced a follow-on offering of 7M shares at $5.00 per share for gross proceeds of $35M. Underwriters: Jefferies & Co. (sole book-running manager) and JMP Securities.
• May 18, 2010: RegeneRx Biopharmaceuticals Inc. (NYSE Amex:RGN) priced a follow-on offering of 11.5M units (1 unit = 1 share + 0.4 warrant) at $0.41 per unit for gross proceeds of $4.7M. On June 2, raised an additional $0.7M by selling 1,624,750 units (partial overallotment). Total gross proceeds: $5.4M. Underwriters: Maxim Group (sole book-running manager) and Boenning & Scattergood.
• May 13, 2010: Pharmasset Inc. (NASDAQ:VRUS) priced a follow-on offering of 3.2M shares at $29.00 per share for gross proceeds of $92.8M. On May 18, raised an additional $13.9M by selling the full overallotment (480,000 shares). Total gross proceeds: $106.7M. Underwriters: Citi (sole book-running manager); J.P. Morgan; Baird; and Canaccord Genuity.
• May 11, 2010: Jazz Pharmaceuticals Inc. (NASDAQ:JAZZ) priced a follow-on offering of 7M shares at $8.35 per share for gross proceeds of $58.4M. Underwriter: Barclays Capital.
• May 6, 2010: Avanir Pharmaceuticals Inc. (NASDAQ:AVNR) priced a follow-on offering of 10M shares at $2.75 per share for gross proceeds of $27.5M. On May 11, raised an additional $4.1M by selling the full overallotment (1.5M shares). Total gross proceeds: $31.6M. Underwriters: Jefferies & Co. (sole book-running manager) and Canaccord Adams.
• May 6, 2010: ImmunoGen Inc. (NASDAQ:IMGN) priced a follow-on offering of 9M shares at $8.00 per share for gross proceeds of $72M. On May 10, raised an additional $10.8M by selling the full overallotment (1.35M shares). Total gross proceeds: $82.8M. Underwriters: J.P. Morgan Securities (sole book-running manager); Oppenheimer & Co.; RBC Capital Markets; Cantor Fitzgerald; and Morgan Joseph & Co.
• April 29, 2010: Idenix Pharmaceuticals Inc. (NASDAQ:IDIX) priced a follow-on offering of 6,460,672 shares at $4.35 per share for gross proceeds of $28.1M. Underwriters: Thomas Weisel Partners (sole book-running manager); Leerink Swann; and William Blair & Co.
• April 22, 2010: Nile Therapeutics Inc. (NASDAQ:NLTX) priced a follow-on offering of 6.5M units (1 unit = 1 share + 0.3 warrants) at $0.70 per unit for gross proceeds of $4.5M. On May 10, raised an additional $0.7M by selling the full overallotment (975,000 shares). Total gross proceeds: $5.2M. Underwriters: Maxim Group (sole book-running manager) and Ladenburg Thalmann & Co.
• April 16, 2010: NPS Pharmaceuticals Inc. (NASDAQ:NPSP) priced a follow-on offering of 9M shares at $5.50 per share for gross proceeds of $49.5M. On April 21, raised an additional $7.4M by selling the full overallotment (1.35M shares). Total gross proceeds: $56.9M. Underwriters: Canaccord Adams (sole book-running manager); and Needham & Co. and Summer Street Research Partners (co-managers).
• April 14, 2010: Exact Sciences Corp. (NASDAQ:EXAS) priced a follow-on offering of 4.2M shares at $4.50 per share for gross proceeds of $18.9M. Underwriter: Robert W. Baird.
• April 13, 2010: Dynavax Technologies Corp. (NASDAQ:DVAX) priced a follow-on offering of 30,293,000 units (1 unit = 1 share + 1 warrant to buy 0.5 share) at $1.4525 per unit for gross proceeds of $44.0M. Underwriter: Wedbush PacGrow Life Sciences.
• April 6, 2010: Ardea Biosciences Inc. (NASDAQ:RDEA) priced a follow-on offering of 3.5M shares at $20.00 per share for gross proceeds of $70M. On April 9, raised an additional $10.5M by selling the full overallotment (525,000 shares). Total gross proceeds: $80.5M. Underwriters: Jefferies & Co. (sole book-running manager) and Oppenheimer & Co.
• March 25, 2010: Somaxon Pharmaceuticals Inc. (NASDAQ:SOMX) priced a follow-on offering of 6M shares at $8.25 per share for gross proceeds of $49.5M. On March 31, raised an additional $7.4M by selling the full overallotment (0.9M shares). Total gross proceeds: $56.9M. Underwriters: Jefferies & Co. (sole book-running manager) and Oppenheimer & Co.
• March 25, 2010: Dyax Corp. (NASDAQ:DYAX) priced a follow-on offering of 17.0M shares at $3.25 per share for gross proceeds of $55.2M. On April 5, raised an additional $8.3M by selling the full overallotment (2.55M shares). Total gross proceeds: $63.5M. Underwriters: Jefferies & Co. (sole book-running manager) and Needham & Co.
• March 19, 2010: Theravance Inc. (NASDAQ:THRX) priced a follow-on offering of 7.5M shares at $11.50 per share for gross proceeds of $86.3M. On March 24, raised an additional $12.9M by selling the full overallotment (1.125M shares). Total gross proceeds: $99.2M. Underwriters:Morgan Stanley & Co.; Credit Suisse Securities; and Leerink Swann (joint book-running managers).
• March 16, 2010: Lexicon Pharmaceuticals Inc. (NASDAQ:LXRX) priced a follow-on offering of 87,717,391 shares at $1.15 per share for gross proceeds of $100.9M. On March 19, raised an additional $10.1M by selling the full overallotment (8,804,348 shares). Total gross proceeds: $111.0M. Underwriters: Morgan Stanley & Co. and J.P. Morgan Securities (joint book-running managers); Cowen and Co.; and Thomas Weisel Partners.
• March 11, 2010: Micromet Inc. (NASDAQ:MITI) priced a follow-on offering of 10M shares at $7.00 per share for gross proceeds of $70.0M. On March 17, raised an additional $10.5M by selling the full overallotment (1.5M shares). Total gross proceeds: $80.5M. Underwriters: Goldman, Sachs & Co. (sole book-running manager); Piper Jaffray; RBC Capital Markets; Needham & Co.; Roth Capital Partners; Ladenburg Thalmann & Co.; and Maxim Group.
• March 5, 2010: Neurocrine Biosciences Inc. (NASDAQ:NBIX) priced a follow-on offering of 9.1M shares at $2.20 per share for gross proceeds of $20M. On March 16, raised an additional $3.0M by selling the full overallotment (1.365M shares). Total gross proceeds: $23.0M. Underwriter: Jefferies & Co.
• Feb. 24, 2010: Optimer Pharmaceuticals Inc. (NASDAQ:OPTR) priced a follow-on offering of 4.25M shares at $11.00 per share for gross proceeds of $46.8M. On March 1, raised an additional $7.0M by selling the full overallotment (637,500 shares). Total gross proceeds: $53.8M. Underwriter: Jefferies & Co.
• Feb. 18, 2010: Discovery Laboratories Inc. (NASDAQ:DSCO) priced a follow-on offering of 27.5M units (1 unit = 1 share + 1 warrant to buy 0.5 shares) at $0.60 per unit for gross proceeds of $16.5M. underwriter: Lazard Capital Markets.
• Feb. 12, 2010: Senomyx Inc. (NASDAQ:SNMX) priced a follow-on offering of 7,142,857 shares at $2.80 per share for gross proceeds of $20M. Underwriters: Deutsche Bank Securities (sole book-running manager); Needham & Co.; and Roth Capital Partners.
• Feb. 12, 2010: NeoStem Inc. (NYSE Amex:NBS) priced a follow-on offering of 5M shares at $1.35 per share for gross proceeds of $6.8M. On Feb. 18, raised an additional $1M by selling the full overallotment (0.75M shares). Total gross proceeds: $7.8M. Underwriters: Roth Capital Partners (sole book-running manager); Maxim Group; and Gilford Securities.
• Feb. 12, 2010: Labopharm Inc. (TSX:DDS; NASDAQ:DDSS) priced a follow-on offering of 11,764,706 units (1 unit = 1 share + 1 warrant to buy 0.5 shares) at US$1.70 per unit for gross proceeds of US$20M. On Feb. 19, raised an additional US$3M by selling the full overallotment (1,764,706 units). Total gross proceeds: US$23M. Underwriters: Deutsche Bank Securities (sole book-running manager); Canaccord Adams; Dundee Capital Markets; and Versant Partners.
• Feb. 2, 2010: Xoma Ltd. (NASDAQ:XOMA) priced a follow-on offering of 42M units (1 unit = 1 share + 1 warrant to purchase 0.45 shares) at $0.50 per unit for gross proceeds of $21.0M. Underwriter: Lazard Capital Markets.
• Jan. 28, 2010: Pharmasset Inc. (NASDAQ:VRUS) priced a follow-on offering of 1.6M shares at $18.75 per share for gross proceeds of $30M. On Jan. 29, raised an additional $4.3M by selling the full overallotment (230,400 shares). Total gross proceeds: $34.3M. Underwriter: Leerink Swann (sole book-running manager).
• Jan. 27, 2010: Sinovac Biotech Ltd. (NASDAQ:SVA) priced a follow-on offering of 10M shares at $5.75 per share for gross proceeds of $57.5M. On Feb. 1, raised an additional $8.6M by selling the full overallotment (1.5M shares). Total gross proceeds: $66.1M. Underwriters: UBS Securities and Piper Jaffray (joint book-running managers).
• Jan. 22, 2010: Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) priced a follow-on offering of 10,275,000 shares at $2.08 per share for gross proceeds of $21.4M. On Feb. 2, raised an additional $3.2M by selling the full overallotment (1,541,250 shares). Total gross proceeds: $24.6M. Underwriters: Roth Capital Partners (sole book-running manager); Noble Financial Capital Markets; and National Securities.
• Jan. 20, 2010: AMAG Pharmaceuticals Inc. (NASDAQ:AMAG) priced a follow-on offering of 3.6M shares at $48.25 per share for gross proceeds of $173.7M. Underwriters: Morgan Stanley & Co.; J.P. Morgan Securities; and Goldman, Sachs (joint book-running managers); Leerink Swann; Canaccord Adams; and Robert W. Baird.
• Jan. 20, 2010: InterMune Inc. (NASDAQ:ITMN) priced a follow-on offering of 7M shares at $14.10 per share for gross proceeds of $98.7M. On Jan. 29, raised an additional $14.8M by selling the full overallotment (1.05M shares). Total gross proceeds: $113.5M. Underwriters: Goldman, Sachs (sole book-running manager); Canaccord Adams; JMP Securities; Leerink Swann; and Oppenheimer & Co.
• Jan. 19, 2010: BioCurex Inc. (OTCBB:BOCX) priced a follow-on offering of 1.2M units (1 unit = 70 shares + 70 warrants) at $6.00 per unit for gross proceeds of $6.0M. On Jan. 28, raised an additional $0.5M by selling 92,280 shares (partial overallotment). Underwriter: Paulson Investment Co.
• Jan. 15, 2010: Aastrom Biosciences Inc. (NASDAQ:ASTM) priced a follow-on offering of 46,154,000 units (1 unit = 1 share + a Class A warrant to buy 0.75 share + a Class B warrant to buy 0.5 share) at $0.26 per unit for gross proceeds of $12.0M. On Jan. 22 raised an additional $1.5M by selling a partial overallotment (5,923,100 units). Total gross proceeds: $13.5M. Underwriter: Oppenheimer & Co.
• Jan. 8, 2010: Synta Pharmaceuticals Corp. (NASDAQ:SNTA) priced a follow-on offering of 5,555,556 shares at $4.50 per share for gross proceeds of $25.0M. On Jan. 19, raised an additional $3.7M by selling the full overallotment (833,333 shares). Total gross proceeds: $28.7M. Underwriters: Lazard Capital Markets (sole book-running manager) and RBC Capital Markets.
• Jan. 7, 2010: ZymoGenetics Inc. (NASDAQ:ZGEN) priced a follow-on offering of 14M shares at $6.00 per share for gross proceeds of $84M. On Jan. 11, raised an additional $12.6M by selling the full overallotment (2.1M shares). Total gross proceeds: $96.6M. Underwriters: Leerink Swann (sole book-running manager); Wedbush Morgan Securities; William Blair & Co.; Canaccord Adams; and McAdams Wright Ragen.
Postponements And Withdrawals
• Nov. 10, 2010: Ikaria Inc.: Conducting clinical studies on Inomax (nitric oxide) for prevention of bronchopulmonary dysplasia related to lung injury in pre-term infants. The company already markets Inomax for hypoxic respiratory failure associated with pulmonary hypertension in term and near-term infants. It is also conducting R&D on several drug candidates, including terlipressin for hepatorenal syndrome type I. On Nov. 10, the company withdrew its proposed IPO of 8M shares at $12-$13 per share. It filed the registration statement May 13, 2010. Underwriters: Goldman, Sachs & Co. (lead); Morgan Stanley; Credit Suisse; Lazard Capital Markets; Cowen and Co.; and Wedbush PacGrow Life Sciences.
