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Article: Immunicon Raises $48M In IPO; Lower Pricings Trend Continues.
- 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
Following a recent trend of lower-than-expected pricings, Immunicon Corp. stepped up to the initial public offering plate on Friday, raising a total of $48 million.
The Huntingdon Valley, Pa.-based company initially hoped to bring in $86.25 million. Instead, it priced its 6 million shares at $8 each. (See BioWorld Today, Dec. 10, 2003.)
Although the funds represent only a little more than half of the intended amount, IPO and biotech experts say any completed IPO in which the stock climbs is a successful one.
And climb it did, rising $1.50, or 18.8 percent, to close out at $9.50 on Friday. The company listed its stock on ...
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