InSite Vision Inc. announced Tuesday that it has completed itsinitial public offering (IPO), selling 3 million shares of commonstock at $11 per share.
The stock will trade on the NASDAQ National Market Systemunder the symbol INSV.
Morgan Stanley & Co. Inc. and Robertson, Stephens & Co. L.P.managed the offering.
InSite Vision of Alameda, Calif., which filed for the IPO slightlymore than a month ago, on Sept. 16, becomes the secondcompany this month to raise money in the public markets. OnOct. 8, Amylin Pharmaceuticals Inc. (NASDAQ:AMLN) completedits follow-on offering, selling all 2 million shares at $11 each inabout 10 days.
In fact, a number of U.S. biotechnology companies have testedthe public financing waters this month. For instance, onMonday, SangStat Medical Corp. filed for an IPO, offering 2.3million shares of common stock at an asking price of $8 to $10per share. And Incyte Pharmaceuticals Inc. filed its IPO on Oct.11. The Palo Alto, Calif., company is asking $7 to $9 for each ofits 2 million shares.
In addition, three companies have filed for follow-ons: GeneticTherapy Inc. (NASDAQ:GTII) on Oct. 14, Cor Therapeutics Inc.(NASDAQ:CORR) on Oct. 12 and Ribi ImmunoChem Research Inc.(NASDAQ:RIBI) on Oct. 6.
InSite Vision is focused on the development of ophthalmicpharmaceutical products for treating ocular diseases. Thecompany claims that its lead drug-delivery technology,DuraSite, has the potential to improve the safety and efficacy ofexisting ophthalmic products.
The company has a number of ongoing collaborations toevaluate the usefulness of its DuraSite delivery system, whichis an eye-drop formulation that releases drugs in a sustainedfashion as a result of physical erosion of a cross-linkedpolymer, for various biotechnology products. InSite'scollaborators include British Bio-technology Group plc,Synergen Inc. (NASDAQ:SYGN) and Genta Inc. (NASDAQ:GNTA).
-- Jennifer Van Brunt Senior Editor
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