Matrix Pharmaceutical Inc. has filed for an initial publicoffering of 2.5 million shares of common stock at an anticipated$11 to $13 per share.
MPI's technology concentrates drug activity at a site andreduces side effects by delivering the compound directly todiseased tissues and holding it in place for sustained releasewith protein carriers.
The company has begun clinical trials of an injectable productfor treating solid tumors and surface skin lesions that containsa protein matrix, formulated with chemotherapeutic drugs anda tissue modifier that is a vasoconstrictor, said Craig McMullen,president and chief executive officer.
The trials include Phase II tests of the company's MPI 5003 fortreating genital warts, basal cell cancer and plaque-typepsoriasis, and Phase I/II studies of MPI 5002 for nail bedpsoriasis and MPI 5010 for liver cancer.
The Menlo Park, Calif., company will begin Phase I/II trials inthe first quarter for MPI 5003 for Kaposi's sarcoma, MPI 5004for head and neck cancer, and MPI 5011 for prostate cancer,McMullen told BioWorld.
The company is in preclinical development of a therapeuticadhesive formulated with a chemotherapeutic drug, and amatrix depot delivery system for sustained release of acytokine.
MPI will have 8.9 million shares outstanding after the IPO.Underwriters The First Boston Corp. and Cowen & Co. have anoverallotment option of 375,000 shares. --Kris Herbst
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