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Article: Imarx Goes Public With $15M Offering; Archemix Files For IPO.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Thrombolytic drug developer Imarx Therapeutics Inc. priced its initial public offering lower than expected, selling 3 million shares at $5 apiece for gross proceeds of $15 million, while Archemix Corp., a firm specializing in aptamer-based therapeutics, filed for a public listing, with hopes of raising $69 million.
For Tucson, Ariz.-based Imarx, which late last week cut the price target for its IPO from between $6.50 and $7.50 to $5, the offering falls dramatically short of the $75 million the company had anticipated in its May 2006 filing. At that time, Imarx was working on two late-stage urokinase drug candidates acquired from Abbott, of ...