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Article: IMMTECH COMPLETES $11.5M IPO WITH SUPPORT FROM HONG KONG.
- Article from:
- BIOWORLD Today
- Article date:
- April 30, 1999
- Author:
CopyrightCOPYRIGHT 1999 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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Immtech International Inc. raised about $11.5 million through an initial public offering (IPO) that was completed with a lot of help from investors in Hong Kong.
The company, headquartered in Evanston, Ill., sold 1.15 million shares at $10 each. The stock (NASDAQ:IMMT) has more than doubled since its debut Tuesday. It closed up 31 percent Thursday, at $20.50.
"Did we, like a lot of other biotech companies, find the market a bit tight?" asked Stephen Thompson, president and CEO. "Yes and no. They were a little hesitant here but we actually did two offerings - or a simultaneous offering. We had raised about 70 percent in Hong Kong before we ever went to ...
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