Ceres (CERE), a provider of seeds used to create biofuel feedstocks, is slashing its IPO price...

|By:, SA News Editor

Ceres (CERE), a provider of seeds used to create biofuel feedstocks, is slashing its IPO price range to $16-$17 from $21-$23. According to its latest S-1, Ceres, which plans to raise up to $97.75M through its IPO, produced 2011 revenue of $6.6M (nearly unchanged Y/Y) and a net loss of $36.4M. Most of its revenue was the result of R&D grants.