All quotations are from the companies' most recent S-1 filings with links provided for each company.
We are seeking to develop and commercialize new diagnostic and therapeutic products based on a recently discovered group of genes known as microRNAs. MicroRNAs are naturally expressed, or produced, using instructions encoded in DNA and are believed to play an important role in regulating protein production. Because proteins control most biological processes, we believe that microRNAs have the potential to form the basis of a novel class of diagnostic tests and therapies for many serious illnesses, including cancer and infectious diseases. We have decided to focus our initial efforts on cancer, as research has indicated that microRNAs play a role in various types of tumors. We developed a discovery process that utilizes proprietary computer-based algorithms, which are procedures for solving complex problems, to scan the entire genome for microRNA candidates. Once microRNA candidates are identified, we conduct one or more biological experiments using tissue or body fluid samples to prove their existence, or expression, a process known as biological validation.
Offering: 3.8 million shares at $11.00-13.00. Net proceeds of approximately $26.1 million will be used for product R&D activities, for licensing and protection of the company's intellectual property rights, for business development and for general corporate purposes, including working capital.
Lead Underwriters: CE Unterberg Towbin
We recognized no revenues for the nine months ended September 30, 2005 and 2006...Research and development expenses were $3.4 million for the nine months ended September 30, 2006, compared to $2.1 million for the nine months ended September 30, 2005, an increase of $1.3 million, or 62%... Marketing and business development expenses were $1.1 million for the nine months ended September 30, 2006, compared to $602,000 for the nine months ended September 30, 2005, an increase of $514,000, or 85%... Net financial income was $416,000 for the nine months ended September 30, 2006, compared to net financial expenses of $366,000 for the nine months ended September 30, 2005, an increase in net financial income of $782,000. Financial income for the nine months ended September 30, 2006 was derived primarily from interest income on bank deposits.
We are a biopharmaceutical company committed to the development and commercialization of new cancer therapies that address treatment resistance in cancer patients. Our product candidates are being developed to block the production of specific proteins associated with the development of treatment resistance, which we believe will increase survival time and improve the quality of life for cancer patients.
Offering: 4.5 million shares at $10.00-12.00. Net proceeds of approximately $44.1 million will be used for product development including clinical trials, manufacturing and marketing purposes, in addition to general corporate purposes and working capital.
Lead Underwriters: RBC Capital Markets, Lazard
We have a limited operating history... Research and development expenses for the nine months ended September 30, 2006 were $6.8 million compared to $1.9 million for the nine months ended September 30, 2005, an increase of $4.9 million due mainly to pre-clinical and manufacturing expenses for the development of OGX-427, manufacturing expenses for clinical trial supplies of OGX-011 and the addition of eight new employees including the Chief Medical Officer, the V.P. Regulatory Affairs, and the Senior Director of Medical Affairs and Clinical Research who were hired in the fourth quarter of 2005. The increase in development expenses was offset by a decrease in the upfront license fees for OGX-427 incurred in the second quarter of 2005.
General and administrative expenses for the nine months ended September 30, 2006 were $1.6 million compared to $1.1 million for the nine months ended September 30, 2005, an increase of $0.5 million due mainly to higher spending on salaries and related expenses required to expand the business.