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Article: Novacea's IPO Adding $40M For Late-Stage Clinical Work.
- 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
Novacea Inc. gained a listing on Nasdaq after pricing its $40.6 million initial public offering.
The South San Francisco-based company agreed to sell 6.25 million shares at $6.50 each, less than the $11 to $13 price range set last month, which could have raised as much as $81 million, based on the high end of that range. When Novacea filed for its IPO in February, the company had anticipated bringing in about $75 million. (See BioWorld Today, Feb. 14, 2006.)
Net proceeds are estimated to be around $35.8 million, or $41.5 million if underwriters exercise in full their 937,500-share overallotment option.
On the first day of ...