A Medical Device Daily
MAP Pharmaceuticals (Mountain View, California) reported that it has priced its initial public offering (IPO) of 5 million shares of common stock at a price of $12 per share. All shares are being offered by MAP Pharmaceuticals. In addition, MAP has granted the underwriters a 30-day option to purchase up to an additional 750,000 shares to cover any over-allotments. If all the shares are exercised, the company stands to raise roughly $69 million before expenses.
Merrill Lynch & Co. and Morgan Stanley & Co. are joint book-running managers for the offering and Deutsche Bank Securities is co-lead manager for the offering. MAP’s common stock will trade on the NASDAQ Global Market under the symbol MAPP.
MAP Pharmaceuticals said it uses its patented inhalation technologies to enhance the therapeutic benefits and commercial attractiveness of proven drugs while minimizing risk by capitalizing on their known safety, efficacy and commercialization history. The company has several product candidates in clinical development that address large market opportunities, including the two most advanced product candidates: a formulation of nebulized budesonide for the potential treatment of children with asthma, and a formulation of inhaled dihydroergotamine for the potential treatment of migraine.
Helixis (Carlsbad, California), an early-stage company focused on the development of molecular diagnostic products and research instruments, reported the participation of Advanced Technology Ventures (ATV) in the company’s $10 million Series A round completed in late August, joining Domain Associates and Okapi Venture Capital.
In conjunction with the ATV investment, Ken Noonan, PhD, a venture partner with ATV, has joined Helixis’ board.
“Helixis has the potential to significantly increase the affordability and availability of molecular analytic technology in both the laboratory and the clinic, as well as expand its use to contiguous fields,” said Tom Rodgers, principal at AVT, who led the firm’s investment in Helixis.