Take the money

Despite limping out of the gate with one of the early IPOs of the year, KaloBios Pharmaceuticals Inc. (NASDAQ:KBIO) opted to dip back into the markets last week to price a follow-on at $4, which is half of its January IPO price.

KaloBios filed to raise $60 million in an IPO last October and raised $70 million. However, it had to slash the price and jack up the number of shares to do so. The antibody company sold 8.8 million shares at the low end of its amended $8-$9 range after initially seeking to sell 3.9 million shares at $12-$14...