Now that Wall Street has had time to digest this spring's spateof initial public offerings, a number of biotech companies arebetting that the market has an appetite for more. The latestare Idec Pharmaceuticals Inc. and CellPro Inc., whichannounced separate IPOs on Tuesday.
La Jolla, Calif.-based Idec filed for a proposed 2.5 millionshare offering priced between $13 and $15 per share. If it iscompleted, Idec will have 7.9 million shares outstanding.Underwriters Montgomery Securities, Alex. Brown & Sons Inc.and Lehman Brothers have an option to purchase an additional375,000 shares to cover overallotments.
Idec has raised $30 million in equity financing and $20 millionin research and development partnerships since 1986. InFebruary 1990, Tokyo-based Institute of Immunology Co. Ltd.purchased a 20 percent stake in Idec in exchange for rights inJapan and certain Asian countries to therapeutic anddiagnostic products for B-cell lymphoma.
Idec has four products in clinical trials. Specifid, to treat B-cell lymphoma, is in Phase III clinicals. I-Mel-1 and I-Mel-2are in Phase I/II trials to treat malignant melanoma. Thecompany also has a radio-labeled anti-idiotype antibody inPhase I/II trials to treat B-cell lymphoma.
CellPro is offering 2.25 million shares at a proposed price of$8 to $11 per share. After the offering, CellPro will have 7.5million shares outstanding. Underwriters PaineWebber Inc andSmith Barney, Harris Upham & Co. Inc. have an option topurchase another 337,500 shares to cover overallotments.
CellPro has raised $9.7 million privately since 1989.
The Bothell, Wash., company has developed a monoclonalantibody-based system to separate specific cells fromcomplex cell mixtures for use in therapeutic, diagnostic andresearch applications. CellPro's Ceprate SC Stem CellConcentrator this year began clinical testing to obtain Foodand Drug Administration approval for use in bone marrowtransplants. The company is developing a fetal cellconcentrator for use in prenatal genetic testing and is testinga laboratory cell separator for research.
-- Karen Bernstein BioWorld Staff
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