Glycomed Inc. of Alameda, Calif., announced Monday that it hasfiled for an initial public offering of 2.3 million shares.
The IPO was filed last Friday and is expected to becomeeffective within six weeks, said Alan Timms, companypresident. The anticipated price is $12 to $14 a share. Theoffering is being managed by Hambrecht & Quist Inc. andMontgomery Securities, both of San Francisco.
Excluding a provision for an overallotment of 15 percent, about9 million shares will be outstanding after the offering iscompleted.
Proceeds will be used to fund the development of drugs basedon complex carbohydrates and designed to treat cardiovascularand inflammatory diseases. Glycomed will also use theproceeds to expand its facilities.
Glycomed raised about $19 million in three rounds of venturefinancing. The seven founding venture capital firms include U.S.Venture Partners and Kleiner, Perkins, Caufield and Byers, bothof San Francisco, and C.W. Group of New York.
Glycomed has collaborative research agreements with Eli Lilly& Co., which included a $4 million equity investment, and withGenentech Inc., which included a first-stage investment of $3.5million.
For the nine months ended March 31, Glycomed's revenueswere $2.7 million. The company suffered a net loss of$2.5 million.
-- Rachel Nowak Washington Bureau Chief
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