Two biotech companies ranked in the top 10 of initial publicofferings by NASDAQ companies that flooded the market in thefirst two months of the year, according to data releasedTuesday by the exchange.
Sphinx Pharmaceuticals Corp. (SPHX) raised $75 million to placeeighth and Gilead Sciences Inc. (GILD) collected $70 million toplace ninth.
Sphinx, a developer of drugs based on lipid second messengers,and antisense developer Gilead fell far behind leader TNTFreightways, an express courier and freight delivery service,which raised $243.8 million. The Scotts Co., a maker of lawnand turf care products, sold $237.5 million of shares to placesecond.
NASDAQ said 67 IPOs went to market during the period, raisingabout $3 billion in capital and averaging close to $45 millionper offering. In the year-ago period, nine offerings raised only$184 million.
This year's IPOs are dominated by biotech, medical tech, healthcare delivery and high-tech companies, with seven biotechofferings in the top 20. Tocor II Inc. (TOCRZ), the Centocor Inc.R&D funding vehicle, was 13th at $60 million. AmylinPharmaceuticals Inc. (AMLN), tied for 14th at $56 million;Protein Design Labs Inc. (PDLI) and Matrix Pharmaceutical Inc.(MATX), tied for 17th at $52.5 million; and Univax Biologics Inc.(UNVX) was 20th at $48 million.
In terms of market capitalization, Amylin (eighth at $221million), Gilead (ninth, $201 million) and Protein Design Labs(10th, $192 million) ranked in the top 10.
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