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Eye On Wall Street
Editor’s note: The biotech sector breathed a collective sigh of relief as it bade farewell to 2002 – a bad year for almost everyone and a wrenchingly horrible year for an unfortunate few. Alas, the opening days of 2003 gave us little reason to believe that relief was in sight.
But with the coming of spring, the bears beat a hasty retreat and the bulls returned to Wall Street. And, as it turned out, they had a relatively healthy appetite for biotech stock offerings, which comprised 24 percent of the $16.7 billion raised by biotech firms in 2003.
Follow-on offerings hauled in the bulk of the cash: 43 separate deals (only one of them ex-U.S.) raised a total of $3.4 billion.
In comparison, the IPOs raised a mere $605 million – but at least there were some IPOs in 2003. Ten firms made their public debuts last year: One in Australia (Alchemia Ltd.), one in Japan (OncoTherapy Science Inc.), and eight in the U.S. One of those eight – the Canadian firm Neurochem Inc. – was already public in its home territory. But all eight are clinical-stage companies, and a few have products on the market.
As a service to its readers, Signals published this article in mid-January 2003 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tracked the progress of each IPO and follow-on offering and also kept a log of those offerings that were postponed or withdrawn due to unfavorable market conditions.
What follows is the completed list of all public offerings made on U.S. exchanges in 2003. If you’d like to track public financing in 2004, please go to the Signals article, “IPO Monitor.”
To make it easier for you to navigate this article, we’ve provided 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. 5, 2003: NitroMed Inc.(NASDAQ:NTMD): Develops nitric oxide-enhanced medicines for treating and/or preventing cardiovascular and inflammatory diseases. The lead product candidate, BiDil, is in a pivotal clinical trial for improving the survival of African Americans with heart failure. On Nov. 5, priced 6M shares at $11.00 per share for gross proceeds of $66M. Underwriters: Deutsche Bank Securities and JP Morgan Securities (joint book-running managers) and Pacific Growth Equities. First-day loss: -16%.
§ Nov. 5, 2003: Pharmion Corp.(NASDAQ:PHRM): A specialty pharmaceutical company that acquires and develops new drugs in the areas of hematology and oncology. The company has acquired rights to two marketed products, Innohep and Refludan, and has two products in advanced stages of development. On Nov. 5, priced 6M shares at $14.00 per share for gross proceeds of $84M. Underwriters: Morgan Stanley and JP Morgan Securities (co-leads), Pacific Growth Equities, and U.S. Bancorp Piper Jaffray. First-day change: 0%.
§ Oct. 30, 2003: Genitope Corp. (NASDAQ:GTOP): Develops patient- and tumor-specific immunotherapies for treating cancer. The lead product candidate, MyVax, is currently in a Phase III clinical trial for non-Hodgkin’s lymphoma. On Oct. 30, priced 3.7M shares at $9.00 per share for gross proceeds of $33.3M. On Nov. 18, raised an additional $4.3M by selling 479,860 shares (partial overallotment). Total gross proceeds: $37.6M. Underwriters: W.R. Hambrecht & Co. (lead), Punk Ziegel & Co. and Brean Murray & Co. First-day gain: +11%.
§ Oct. 29, 2003: CancerVax Corp.(NASDAQ:CNVX): Develops therapeutic cancer vaccines that use allogeneic human tumor cell lines. The lead product candidate, Canvaxin, is in two Phase III clinical trials for advanced-stage melanoma. On Oct. 29, priced 6M shares at $12.00 per share for gross proceeds of $72M. Underwriters: Lehman Brothers (lead), Citigroup Global Markets, Thomas Weisel Partners and U.S. Bancorp Piper Jaffray. First-day change: 0%.
§ Oct. 29, 2003: Myogen Inc.(NASDAQ:MYOG): Developing small molecule therapeutics for cardiovascular disorders. One product, Perfan I.V. for treating acute decompensated heart failure, is on the market in Europe. Three more products are in late-stage clinical development. On Oct. 29, priced 5M shares at $14.00 per share for gross proceeds of $70M. On Nov. 6, raised an additional $10.5M by selling the full overallotment (750,000 shares). Total gross proceeds: $80.5M. Underwriters: Credit Suisse First Boston and JP Morgan Securities (joint book running managers), CIBC World Markets, and Lazard Freres & Co. First-day gain: +6%.
§ Oct. 16, 2003: Advancis Pharmaceutical Corp. (NASDAQ:AVNC): A specialty pharmaceutical company focused on developing pulsatile therapeutics for treating infectious diseases. Three products are currently in Phase I/II clinical trials. On Oct. 16, priced 6M shares at $10.00 per share for gross proceeds of $60M. Underwriters: Lehman Brothers (lead), Pacific Growth Equities and Thomas Weisel Partners. First-day change: 0%.
§ Oct. 7, 2003: Acusphere Inc. (NASDAQ:ACUS): A specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs via porous microparticle technology. Three drugs are in the clinic. On Oct. 7, priced 3.75M shares at $14.00 per share for gross proceeds of $52.5M. Underwriters: SG Cowen Securities (lead), Thomas Weisel Partners, U.S. Bancorp Piper Jaffray and Friedman Billings Ramsey & Co. First-day gain: +0.2%.
§ Sept. 18, 2003: Neurochem Inc. (NASDAQ:NRMX; TSX:NRM): A biopharmaceutical company that develops drugs for central nervous system disorders and amyloid-related diseases. Three drugs are in the clinic. On Sept. 18, the company priced 5M shares at US$10.87 per share for gross proceeds of US$54.3M. On Sept. 25, raised an additional US$8.2M by selling the full overallotment option (750,000 shares). Total gross proceeds: US$62.5M. Note: The Canadian company’s shares already trade on the Toronto Stock Exchange. This offering consisted primarily of an IPO in the U.S., but included a follow-on offering in Canada. Underwriters: UBS Securities (lead); Banc of America Securities Canada; RBC Dominion Securities; CIBC World Markets; Loewen, Ondaatje, McCutcheon; and Orion Securities. First-day gain: +12%.
Completed Follow-Ons
§ Dec. 31, 2003: Dyax Corp. (NASDAQ:DYAX) priced a follow-on offering of 5.22M shares at $7.93 per share for gross proceeds of $41.4M. On Jan. 8, 2004, raised an additional $6.2M by selling the full overallotment (780,000 shares). Total gross proceeds: $47.6M. Underwriter: Pacific Growth Equities.
§ Dec. 18, 2003: Encysive Pharmaceuticals Inc. (NASDAQ:ENCY) priced a follow-on offering of 6.5M shares at $6.50 per share for gross proceeds of $42.3M. On Dec. 23, raised an additional $6.3M by selling the full overallotment (975,000 shares). Total gross proceeds: $48.6M. Underwriters: SG Cowen Securities and RBC Capital Markets (co-leads) and Needham & Co.
§ Dec. 18, 2003: Nabi Biopharmaceuticals (NASDAQ:NABI) priced a follow-on offering of 8.5M shares at $10.00 per share for gross proceeds of $85M. On Dec. 29, raised an additional $12.8M by selling the full overallotment (1.275M shares). Total gross proceeds: $97.8M. Underwriters: Lehman Brothers (lead), Wachovia Securities, U.S. Bancorp Piper Jaffray and Harris Nesbitt Gerard.
§ Dec. 16, 2003: Pharmos Corp. (NASDAQ:PARS) priced a follow-on offering of 10.5M shares at $2.75 per share for gross proceeds of $28.9M. On Jan. 5, 2004, raised an additional $4.3M by selling the full overallotment (1.575M shares). Total gross proceeds: $33.2M. Underwriters: C.E. Unterberg, Towbin and Harris Nesbitt Gerard.
§ Nov. 20, 2003: Kos Pharmaceuticals Inc. (NASDAQ:KOSP) priced a follow-on offering of 5M shares at $44.25 per share. The company sold 3.75M shares for gross proceeds of $165.9M and a selling shareholder sold 1.25M shares for gross proceeds of $55.3M. Underwriters: Goldman, Sachs and Banc of America Securities (co-leads), SG Cowen Securities, Deutsche Bank Securities and SunTrust Robinson Humphrey.
§ Nov. 14, 2003: Progenics Pharmaceuticals Inc. (NASDAQ:PGNX) priced a follow-on offering of 3.25M shares at $16.25 per share for gross proceeds of $52.8M. Underwriters: Citigroup Global Markets and CIBC World Markets (co-leads), Lazard Freres & Co., Legg Mason Wood Walker, and Punk, Ziegel & Co.
§ Nov. 13, 2003: ISTA Pharmaceuticals Inc. (NASDAQ:ISTA) priced a follow-on offering of 4M shares at $9.50 per share for gross proceeds of $38M. Underwriters: Thomas Weisel Partners (lead), Jefferies & Co., RBC Capital Markets and Roth Capital Partners.
§ Nov. 11, 2003: Tularik Inc. (NASDAQ:TLRK) priced a follow-on offering of 6M shares at $11.90 per share for gross proceeds of $71.4M. On Nov. 17, raised an additional $10.7M by selling the full overallotment (900,000 shares). Total gross proceeds: $82.1M. Underwriters: Goldman, Sachs (lead), SG Cowen Securities, UBS Securities, and SunTrust Robinson Humphrey.
§ Nov. 6, 2003: Telik Inc. (NASDAQ:TELK) priced a follow-on offering of 7.5M shares at $20.00 per share. The company sold 6.5M shares for gross proceeds of $130M. A selling stockholder sold 1M shares for gross proceeds of $20M. On Dec. 4, the company raised an additional $22.5M by selling the full overallotment (1.125M shares). Total gross proceeds to the company: $152.5M. Underwriters: UBS Investment Bank (lead); Lehman Brothers; Bear, Stearns & Co.; Needham & Co.; Lazard Freres & Co.; and Fortis Securities.
§ Nov. 5, 2003: Adolor Corp. (NASDAQ:ADLR) priced a follow-on offering of 6M shares at $17.25 per share for gross proceeds of $103.5M. On Nov. 12, raised an additional $15.5M by selling the full overallotment (900,000 shares). Total gross proceeds: $119M. Underwriters: Merrill Lynch & Co. (lead); Lehman Brothers; Pacific Growth Equities; Adams, Harkness & Hill; and First Albany.
§ Oct. 29, 2003: Geron Corp. (NASDAQ:GERN) priced a follow-on offering of 5M shares at $12.00 per share for gross proceeds of $60M. On Nov. 5, raised an additional $9M by selling the full overallotment (750,000 shares). Total gross proceeds: $69M. Underwriters: UBS Securities (lead), SG Cowen Securities, Lazard Freres & Co., and Needham & Co.
§ Oct. 23, 2003: Depomed Inc. (AMEX:DMI) priced a follow-on offering of 6.5M shares at $5.50 per share for gross proceeds of $35.8M. On Oct. 30, raised an additional $5.3M by selling the full overallotment (975,000 shares). Total gross proceeds: $41.1M. Underwriters: Thomas Weisel Partners (lead), CIBC World Markets and Punk, Ziegel & Co.
§ Oct. 17, 2003: Genelabs Technologies Inc. (NASDAQ:GNLB) priced a follow-on offering of 20M shares at $1.37 per share for gross proceeds of $27.4M. On Oct. 22, raised an additional $4.1M by selling the full overallotment (3M shares). Total gross proceeds: $31.5M. Underwriter: Natexis Bleichroeder.
§ Oct. 16, 2003: Cubist Pharmaceuticals Inc. (NASDAQ:CBST) priced a follow-on offering of 7,453,400 shares at $10.50 per share for gross proceeds of $78.3M. On Oct. 21, raised an additional $11.7M by selling the full overallotment (1,118,010 shares). Total gross proceeds: $90M. Underwriters: Morgan Stanley & Co. (sole bookrunning manager); Pacific Growth Equities (co-lead); WR Hambrecht+Co. and Harris Nesbitt Gerard.
§ Oct. 15, 2003: ZymoGenetics Inc. (NASDAQ:ZGEN) priced a follow-on offering of 6M shares at $12.50 per share for gross proceeds of $75M. Also in October, the company raised an additional $1.3M by selling 100,000 shares (partial overallotment). Total gross proceeds: $76.3M. Underwriters: Merrill Lynch & Co. and Bear, Stearns & Co. (joint book-running managers), Pacific Growth Equities and U.S. Bancorp Piper Jaffray.
§ Oct. 3, 2003: Flamel Technologies S.A. (NASDAQ:FLML) priced a follow-on offering of 2M American Depositary Shares (ADSs) at $33.25 per share for gross proceeds of $66.5M.In addition, selling shareholders sold 1,988,500 ADSs for gross proceeds of $66.1M. On Oct. 9, the selling shareholders raised an additional $19.5M by selling the full overallotment (588,000 shares). Underwriters: Merrill Lynch & Co. (lead), UBS Securities; SG Cowen Securities; Punk Ziegel & Co.; Merriman Curhan Ford & Co.; and Brean Murray & Co.
§ Oct. 2, 2003: OraSure Technologies Inc. (NASDAQ:OSUR) priced a follow-on offering of 5M shares at $9.00 per share for gross proceeds of $45M. On Nov. 3, raised an additional $2.8M by selling 311,000 shares (partial overallotment). Total gross proceeds: $47.8M. Underwriters: Thomas Weisel Partners (lead), SG Cowen Securities and Wells Fargo Securities.
§ Sept. 26, 2003: Hollis-Eden Pharmaceuticals Inc. (NASDAQ:HEPH) priced a follow-on offering of 2.5M shares at $25.00 per share for gross proceeds of $62.5M. Underwriters: Jefferies & Co. and SG Cowen Securities (joint book-running managers).
§ Sept. 26, 2003: Angiotech Pharmaceuticals Inc. (NASDAQ:ANPI; TSX:ANP) priced a follow-on offering of 5M shares at US$43.75 per share for gross proceeds of US$218.8M. On Oct. 3, raised an additional US$32.8M by selling the full overallotment (750,000 shares). Total gross proceeds: US$251.6M. The shares were sold in Canada, the U.S. and internationally. Underwriters: Merrill Lynch & Co. (global coordinator), Lehman Brothers, BMO Nesbitt Burns, and Credit Suisse First Boston Canada.
§ Sept. 22, 2003: Pain Therapeutics Inc. (NASDAQ:PTIE) priced a follow-on offering of 7.65M shares at $6.50 per share for gross proceeds of $49.7M. On Oct. 14, raised an additional $0.5M by selling 80,500 shares (partial overallotment). Total gross proceeds: $50.2M. Underwriters: Citigroup Global Markets and CIBC World Markets (co-leads), Leerink Swann & Co. and ThinkEquity Partners.
§ Sept. 19, 2003: XOMA Ltd. (NASDAQ:XOMA) priced a follow-on offering of 9M shares at $8.00 per share for gross proceeds of $72M. On Oct. 17, raised an additional $10.8M by selling the full overallotment (1.35M shares). Total gross proceeds: $82.8M. Underwriters: UBS Securities (lead); CIBC World Markets; U.S. Bancorp Piper Jaffray; Adams, Harkness & Hill; Jefferies & Co.; and ThinkEquity Partners.
§ Sept. 18, 2003: SciClone Pharmaceuticals Inc. (NASDAQ:SCLN) priced a follow-on offering of 6M shares at $8.00 per share for gross proceeds of $48M. Underwriters: Jefferies & Co. (lead), Harris Nesbitt Gerard, and RBC Capital Markets.
§ Sept. 12, 2003: Alexion Pharmaceuticals Inc. (NASDAQ:ALXN) priced a follow-on offering of 3.6M shares at $13.00 per share for gross proceeds of $46.8M. Underwriters: Bear, Stearns & Co. and SG Cowen Securities.
§ Sept. 11, 2003: Neurocrine Biosciences Inc. (NASDAQ:NBIX) priced a follow-on offering of 3.75M shares at $53.00 per share for gross proceeds of $198.8M. Underwriters: Morgan Stanley and Merrill Lynch & Co. (joint book running managers); Deutsche Bank Securities; UBS Investment Bank; Bear, Stearns & Co.; CIBC World Markets; Bank of America Securities; and Credit Suisse First Boston.
§ Aug. 7, 2003: MGI Pharma Inc. (NASDAQ:MOGN) priced a follow-on offering of 4.4M shares at $35.50 per share for gross proceeds of $156.2M. On Aug. 13, raised an additional $23.4M by selling the full overallotment (660,000 shares). Total gross proceeds: $179.6M. Underwriters: Merrill Lynch & Co. (lead), U.S. Bancorp Piper Jaffray, Lazard Freres & Co., and C.E. Unterberg, Towbin.
§ Aug. 7, 2003: La Jolla Pharmaceutical Co. (NASDAQ:LJPC) priced a follow-on offering of 8.15M shares at $2.75 per share for gross proceeds of $22.4M. Underwriter: Pacific Growth Equities.
§ Aug. 6, 2003: ICON plc (NASDAQ:ICLR) priced a follow-on offering of 3,184,744 American Depositary Shares (ADSs) at $32.25 per ADS. The company sold 1.5M ADSs for gross proceeds of $48.4M. Selling shareholders sold an additional 1,684,744 ADSs for gross proceeds of $54.3M. Underwriters: Goldman, Sachs & Co. (lead), William Blair & Co., Bear, Stearns & Co. and Davy Stockbrokers.
§ July 31, 2003: Esperion Therapeutics Inc. (NASDAQ:ESPR) priced a follow-on offering of 4M shares at $16.00 per share for gross proceeds of $64M. Underwriters: Lehman Brothers (lead), Citigroup, Needham & Co., U.S. Bancorp Piper Jaffray and SG Cowen Securities.
§ July 29, 2003: ILEX Oncology Inc. (NASDAQ:ILXO) priced a follow-on offering of 5.5M shares at $17.00 per share for gross proceeds to the company of $93.5M. Additionally, the Cancer Therapy and Research Center Endowment, an ILEX shareholder, sold 0.5M shares in the offering for gross proceeds of $8.5M. Underwriters: UBS Securities (lead), Lehman Brothers, CIBC World Markets and U.S. Bancorp Piper Jaffray.
§ July 23, 2003: Lexicon Genetics Inc. (NASDAQ:LEXG) priced a follow-on offering of 10M shares at $5.25 per share for gross proceeds of $52.5M. Underwriters: Morgan Stanley & Co. and UBS Securities (co-leads), CIBC World Markets and Punk, Ziegel & Co.
§ July 22, 2003: Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) priced a follow-on offering of 5M shares at $15.25 per share for gross proceeds of $76.3M. Underwriters: Morgan Stanley & Co. (lead), Lehman Brothers and SG Cowen Securities.
§ July 18, 2003: Vicuron Pharmaceuticals Inc. (NASDAQ:MICU) priced a follow-on offering of 6M shares at $13.85 per share for gross proceeds of $83.1M. Underwriters: Morgan Stanley & Co. and Pacific Growth Equities (co-leads), Lazard Freres & Co. and Harris Nesbitt Gerard.
§ June 20, 2003: Exelixis Inc. (NASDAQ:EXEL) priced a follow-on offering of 10M shares at $7.10 per share for gross proceeds of $71M. On July 7, raised an additional $8.9M by selling 1,253,048 shares (partial overallotment). Total gross proceeds: $79.9M. Underwriters: Goldman, Sachs & Co. (lead) and SG Cowen Securities.
§ June 6, 2003: Cerus Corp. (NASDAQ:CERS) priced a follow-on offering of 6M shares at $9.05 per share for gross proceeds of $54.3M. Underwriter: Morgan Stanley & Co.
§ May 15, 2003: ID Biomedical Corp. (NASDAQ:IDBE; TSX:IDB) priced a follow-on offering of 2.61M shares at $8.50 per share for gross proceeds of $22.2M. On May 28, raised an additional $3.3M by selling the full overallotment (390,000 shares). Total gross proceeds: $25.5M. The shares were sold in the U.S. and Canada. Underwriters: Underwriters: CIBC World Markets (lead), RBC Capital Markets, Canaccord Capital, Dlouhy Merchant Group, TD Securities, Desjardins Securities and Wells Fargo Securities.
§ April 16, 2003: Martek Biosciences Corp. (NASDAQ:MATK) priced a follow-on offering of 2.5M shares at $30.25 per share for gross proceeds of $75.6M. On April 22, the company raised an additional $12.8M by selling the full overallotment (422,250 shares). Martek’s total gross proceeds: $88.4M. As well, a selling stockholder, retired president Richard Radmer, sold 315,000 shares in the offering for gross proceeds of $9.5M. Underwriters: Citigroup Global Markets (lead), Adams, Harkness & Hill and Needham & Co.
§ March 14, 2003: Inspire Pharmaceuticals Inc. (NASDAQ:ISPH) priced a follow-on offering of 5M shares at $13.50 per share for gross proceeds of $67.5M. On March 25, raised an additional $10.1M by selling the full overallotment (750,000 shares). Total gross proceeds: $77.6M. Underwriters: Deutsche Bank Securities (book-running manager) and U.S. Bancorp Piper Jaffray.
§ March 14, 2003: The Medicines Company (NASDAQ:MDCO) priced a follow-on offering of 4.9M shares at $17.50 per share for gross proceeds of $85.8M. In late March, raised an additional $12.2M by selling the full overallotment (697,280 shares). Total gross proceeds: $98.0M. Underwriters: Morgan Stanley and Bear, Stearns & Co. (joint book-running managers) and CIBC World Markets.
§ Feb. 21, 2003: BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) priced a follow-on offering of 7.5M shares at $10.00 per share for gross proceeds of $75M. In March, raised an additional $11.3M by selling the full overallotment (1.125M shares). Total gross proceeds: $86.3M. Underwriters: UBS Warburg (lead), CIBC World Markets and SG Cowen Securities.
§ Jan. 28, 2003: AtheroGenics Inc. (NASDAQ:AGIX) priced a follow-on offering of 7.2M shares at $6.25 per share for gross proceeds of $45M. On Feb. 3, raised an additional $6.8M by selling the full overallotment (1.08M shares). Total gross proceeds: $51.8M. Underwriters: Morgan Stanley & Co. (book-running manager), Lehman Brothers (co-lead), Lazard Freres & Co. and Adams, Harkness & Hill.
§ Jan. 23, 2003: Antigenics Inc. (NASDAQ:AGEN) priced a follow-on offering of 6.25M shares. The company sold 2.8M shares at $9.82 per share directly to an existing shareholder for gross proceeds of $27.5M. It also sold 3.45M shares at $10 per share to the underwriters for gross proceeds of $34.5M. Total gross proceeds: $62M. Underwriters: UBS Warburg (lead), Needham & Co., Morgan Keegan & Co. and Ryan Beck & Co.
§ Jan. 17, 2003: Amylin Pharmaceuticals Inc. (NASDAQ:AMLN) priced a follow-on offering of 9.2M shares at $16.60 per share for gross proceeds of $152.7M. On Jan. 22, raised an additional $22.3M by selling the full overallotment (1.342M shares). Total gross proceeds: $175M. Underwriters: Goldman, Sachs & Co. (book running manager), Lehman Brothers, Morgan Stanley and Banc of America Securities (all joint lead managers) and Fortis Securities.
Postponements And Withdrawals
§ Dec. 31, 2003: ViaCell Inc.: Developing technology for expanding targeted populations of stem cells for use as therapeutics; lead product (consisting of hematopoietic stem cells) is in Phase I clinical trial for use as a stem cell transplant in cancer and other diseases. Subsidiary Viacord is an umbilical cord blood bank. On Dec. 31, 2003, the company withdrew its proposed $115M IPO. It filed the registration statement Jan. 30, 2002. Underwriters: UBS Warburg (lead), Banc of America Securities and U.S. Bancorp Piper Jaffray.
§ Dec. 19, 2003: Acorda Therapeutics Inc.: Developing therapies that improve neurological function in people with central nervous system disorders. Lead product candidate Fampridine-SR (4-aminopyridine) is in Phase III trials in patients with spinal cord injury and Phase II trials in patients with multiple sclerosis. On Dec. 19, the company postponed its proposed IPO of 4.8M shares at $12-$14 per share. It filed the registration statement Sept. 26, 2003. Underwriters: Banc of America Securities (lead), Lazard Freres & Co.; U.S. Bancorp Piper Jaffray; and RBC Capital Markets.
§ Dec. 18, 2003: InKine Pharmaceutical Company Inc. (NASDAQ:INKP) postponed its proposed follow-on offering of 10M shares, which it filed Nov. 26, 2003. Underwriters: UBS Securities (lead), First Albany Capital and Rodman & Renshaw.
§ Nov. 24, 2003: Tercica Inc.: Developing recombinant human insulin-like growth factor-1 (in-licensed from Genentech) for the treatment of short stature, diabetes and other endocrine system disorders. Phase III trials in the first indication have been completed. On Nov. 24, the company postponed its proposed IPO of 5M shares at $14-$16 per share. It filed the registration statement Sept. 12, 2003. Underwriters: Morgan Stanley (lead), Lehman Brothers and Pacific Growth Equities.
§ Nov. 20, 2003: TolerRx Inc.: Develops monoclonal antibody-based therapies that induce or remove immunological tolerance by harnessing the body’s existing T cell-mediated tolerance mechanisms to control immunoreactivity. Two product candidates are in clinical trials. On Nov. 20, the company postponed its proposed IPO of 4.7M shares at $12-$14 per share. It filed the registration statement Aug. 26, 2003. Underwriters: JP Morgan Securities and SG Cowen Securities (joint book running managers) and Leerink Swann & Co.
§ Nov. 14, 2003: AVI BioPharma Inc. (NASDAQ:AVII) withdrew the supplemental prospectus for its proposed 7.5M-share follow-on offering, which it filed Oct. 29, 2003. Underwriters: Legg Mason Wood Walker (lead), Jefferies & Co., and First Albany.
§ Nov. 7, 2003: Aderis Pharmaceuticals Inc.: Developing receptor subtype-specific small molecule drugs for treating central nervous system, cardiovascular and inflammatory disorders. Lead product, Rotigotine-CDS, is in Phase III clinical trials for Parkinson's disease; three other products are also in the clinic. On Nov. 7, the company withdrew its proposed IPO of 6.5M shares at $11-$13 per share (which it had postponed on Oct. 28). It filed the registration statement Aug. 27, 2003. Underwriters: Lehman Brothers (lead), CIBC World Markets, U.S. Bancorp Piper Jaffray and Leerink Swann & Co. Note: This is the second time the company has filed for and withdrawn an IPO. It originally filed on Jan. 11, 2002 and withdrew that prospectus Aug. 8, 2002.
§ Oct. 2, 2003: ID Biomedical Corp. (NASDAQ:IDBE; TSX:IDB) withdrew the registration statement for its proposed 5M share follow-on offering, which it filed Sept. 23, 2003. Underwriters: CIBC World Markets (book-running manager), U.S. Bancorp Piper Jaffray; Canaccord Capital; RBC Capital Markets; Ryan Beck & Co.; and Wells Fargo Securities.
§ April 11, 2003: Stem Genetics Inc.: Developing therapies and products based on genetic discoveries with adipose stem cells, especially for use in tissue engineering and reconstructive and cosmetic surgery. On April 11, 2003, the company withdrew its proposed $10.5M IPO. It filed the registration statement July 5, 2002. Underwriter: Self-underwritten.
§ March 24, 2003: MitoKor Inc.: Uses integrated technology platform (including genomics, proteomics and high-throughput screening) to identify and develop drugs for treating diseases and conditions associated with mitochondrial dysfunction; drug candidates for Alzheimer's and Parkinson's disease are in clinical trials. On March 24, 2003, the company withdrew its proposed $60M IPO. It filed the registration statement March 8, 2002. Underwriters: RBC Capital Markets (lead), Lazard Freres & Co., Legg Mason Wood Walker and Gerard Klauer Mattison.
§ March 10, 2003: Control Delivery Systems Inc.: Sustained-release drug delivery systems; four products are currently in clinical trials; one product using the technology, Vitrasert, is FDA-approved. On March 10, 2003, the company withdrew its proposed IPO of 5.4M shares at $12 - $14 per share. It filed the registration statement Dec. 15, 2000. Underwriters: Deutsche Banc Alex. Brown (lead), Banc of America Securities and SG Cowen Securities.
§ Feb. 12, 2003: Epimmune Inc. (NASDAQ:EPMN) withdrew the registration statement for its proposed follow-on offering of 7.25M shares, which it filed Oct. 24, 2002. Underwriter: Punk, Ziegel & Co.
By Jennifer Van Brunt
Editor
originally published 01/17/2003 |