BioCentury
ARTICLE | Finance

Ebb & Flow

February 5, 2001 8:00 AM UTC

NASDAQ was pitching an IPO shutout for January until Exact(EXAS) hit a single on the last day of the month. The cancer diagnostic company raised $56 million through the sale of 4 million shares at $14 underwritten by Merrill Lynch; CIBC World Markets; and Thomas Weisel. The company, which uses genomics to develop cancer diagnostics, priced at the bottom of its range, after originally filing to raise up to $69 million on Oct. 27. Friday's close of $14.375 values the company at $268.8 million.

Biotech shouldn't feel slighted, as only three IPOs priced on NASDAQ last month: Peet's Coffee & Tea and orthodonture play Align Technology. ...