Cell therapy developer Txcell SA grossed just €16.2 million (US$22.4 million) in a scaled-back initial public offering (IPO) on the Euronext exchange in Paris, evidence that Europe's big funding freeze may be thawing but only gradually. The IPO was priced at the bottom of the indicative price range of €5.58 to €6.82 per share its underwriters set at the outset of the book-building process.