Monday, October 6, 1997
With a 15 percent run up in the BioCentury 100 in the third quarter, it comes as no surprise that biotech companies are lining up to sell stock. While the window isn't wide open by any stretch of the imagination, five companies filed for offerings last week, including Cell Therapeutics (CTIC, 2 million shares), Coulter Pharmaceutical (CLTR, 2 million shares), and LifeCell (LIFC, 4 million shares, excluding 500,000 shares offered by shareholders), as well as IPOs from Progenics (Proposed:PGNX, 2 million shares) and UFC Pharma in Britain. If there are no major haircuts, the companies would carve out some $118 million from the financing pie.
NEW TO MARKET: Corixa (CRXA) raised $39 million in its IPO, selling 3 million shares at $13. CRXA upped the deal by 250,000 shares and priced in the middle of its filing range. The company is developing T cell vaccines to treat and prevent cancers and infectious diseases. Friday's close of $13.25 gives the company a $149 million market cap.