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Article: Metabasis Prices IPO: $35M Helps Liver Product 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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National Editor
Having lowered the price of its initial public offering, liver-drug company Metabasis Therapeutics Inc. raised $35 million by selling 5 million shares at $7 per share - even less than the lowered range of $8 to $9 per share.
The company's stock (NASDAQ:MBRX) closed Wednesday at $6.66, after climbing as high as $7.13.
When it filed the IPO in February, San Diego-based Metabasis hoped to raise as much as $86.25 million, but earlier this month, underwriters cut the estimated price range from $11 to $13 per share and reduced the number of shares offered from 6 million to 5 million. (See BioWorld Today, Feb. 4, 2004.)
Still ...
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