Ebb & Flow

With one week to go in the summer, two pure product plays added heft to the nascent IPO queue, perhaps presaging a post-Labor Day run on the markets by companies and their bankers who have been spending the dog days of August getting their S-1s in order.
The new names should be good indicators of the Street's preference for sales vs. research, as both Xcel and Pharmion are specialty pharma plays with products on the market.
Late on Friday, Xcel refiled to raise up to $75 million after originally filing on Jan. 7, 2002 to raise up to $97.8 million. The neurological in-licensing company withdrew the deal on Jan. 31, citing market conditions.
The company, which is profitable, markets both Diastat and Mysoline to treat seizures principally associated with epilepsy, under a license from Elan (ELN). Xcel also sells migraine drugs Migranal and D.H.E. 45 under a license from Novartis (NVS; SWX:NOVN). It posted net income of $29.1 million on net sales of $39.1 million in the six months ended June 30, when its cash balance was $29.7 million.
Principal shareholders include Domain Partners (27%); New Enterprise Associates (32%); and FFC Partners (16%). The offering will be underwritten by SG Cowen; CIBC World Markets; Thomas Weisel Partners; and U.S. Bancorp Piper Jaffray.
Pharmion filed the day prior to raise up to $86.3 million. The specialty cardiovascular play markets Refludan in Europe to treat thrombosis and Innohep in the U.S. to treat deep vein thrombosis. Pharmion posted an operating loss of

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