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Article: Avalon Sets IPO Price: $28.9M Pipeline Boost.
- 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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West Coast Editor
A deal with Novartis AG in its back pocket, Avalon Pharmaceuticals Inc. went public by offering of 2.75 million shares at $10.50 per share to raise gross proceeds of about $28.87 million, with underwriters given a 30-day option to buy up to 412,500 more shares to cover overallotments, if any.
Avalon's stock (NASDAQ:AVRX) closed Thursday at $9.49, down $1.01. The firm had said in an earlier prospectus that it expected to sell that number of shares at a price range of $10 to $12, and at one point intended to sell 4.5 million shares to raise about $45 million.
The company was in a quiet period under SEC rules and could not ...