Tetraphase, Enanta price IPOs
Both Tetraphase Pharmaceuticals Inc. (NASDAQ:TTPH) and Enanta Pharmaceuticals Inc. (NASDAQ:ENTA) priced IPOs on Wednesday. The former priced below its proposed range but sold more shares, while the latter sold the proposed number of shares at the lower end of its proposed range. Tetraphase raised $75 million through the sale of 10.7 million shares at $7, which values the company at $139.1 million. Barclays; BMO Capital Markets; Stifel; JMP Securities; and Needham were underwriters. On Tuesday, Tetraphase lowered its price range to $8-$10 from $10-$12 and raised the number of shares to 8.3 million from 6.8 million. The company was unchanged in its first day of trading on Wednesday.
Tetraphase plans to start a Phase III trial of an IV formulation of its lead compound, eravacycline, to treat complicated intra-abdominal infection (cIAI) in 3Q13 and to treat complicated urinary tract infection (cUTI) in 4Q13. Data from both trials are expected in 1Q15. ...