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Article: Sunesis Prices $42M IPO To Fuel Oncology Pipeline.
- 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
Sunesis Pharmaceuticals Inc. priced its initial public offering, raising $42 million to fund upcoming clinical trials of its top three cell-cycle inhibitors in development for cancer.
Like many other pricings this year, the South San Francisco-based company's IPO came in lower than expected. In its initial December filing, Sunesis had planned for funds of $86 million. The company later set a prospective price range between $9 and $11 for the sale of 6 million shares, which, at the low end, would have totaled $54 million, but the actual share price fell to $7 each.
Shares (NASDAQ:SNSS) dropped 50 cents on the first day of trading, ...