Two IPOs Brave the Markets, Two Enter the Queue: Biotech's Latest Deals

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The Burrill Report

By Marie Daghlian

Two biotech companies had to slash their prices to go public this week, while two more companies filed registration statements for initial public offerings as investors continue to be risk-averse. Antibiotic developer Trius Therapeutics slashed its expected share price by 62 percent and raised the number of shares offered to complete its offering. Trius went public on Monday on the Nasdaq exchange under the symbol TSRX, selling 10 million shares at $5 per share to raise $50 million.

Trius originally planned to sell 6 million shares at $12 to $14 but investors were unwilling to bite. The San Diego biotech plans to begin a late stage trial to evaluate torezolid, its lead next-generation antibiotic, against Pfizer’s Zyvox linezolid to treat acute bacterial skin and skin structure infections [see story].

Specialty pharmaceutical NuPathe completed its initial offering to begin trading on the Nasdaq Global Market on Friday under the symbol PATH. The drug developer raised $50 million, trimming its offering price to $10 from its hoped for $14 to $16 range, but keeping the number of shares offered to the original 5 million. Underwriters have a 30-day option to purchase up to an additional 750,000 shares of common stock from NuPathe to cover over-allotments, if any. Leerink Swann and Lazard Capital Markets were the lead underwriters.

NuPathe is focused on treatments for diseases of the central nervous system. The company has yet to generate any revenue but plans to gain regulatory approval and launch its lead candidate Zelrix, a transdermal patch to treat migraines, in the first half of 2012. NuPathe also has treatments for Parkinson’s disease and schizophrenia in development.

Two more life sciences companies decided to brave the public markets. Complete Genomics (GNOM) hopes to raise about $86.3 million according to its S-1 document filed with

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The Burrill Report is written for everyone who wants to understand how biotechnology operates as a business. Each month the publication focuses on the health of the industry and the strategies that will be needed to be successful. It provides actionable market intelligence on the latest global developments and trends in the life sciences industry. Available monthly, subscribers also benefit from monthly and quarterly market financial and business statistics on: - Public companies - venture financings - Project Runway – Follow the global life sciences companies filing for and completing their IPOs – and their post market performances - Clinical Trials successes and failures - Patent - M&A and Partnering deals - Periodic country features on Canada, Europe and emerging countries such as China & India. In addition, BR provides in-depth coverage on specific sectors of life sciences including: Personalized Medicine; Diagnostics, Medical Devices and Biogreentech (Ag-Bio and Biofuels/Bioenergy). Through weekly Burrill Indices, the progress and prospects of biotech companies by size, from small through to blue-chip are also tracked. Visit: The Burrill Report to obtain your sample issue (

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