Ebb & Flow

Aderis did not price its IPO as scheduled last week, making it the third tenuous sign at the beginning of the IPO window. The neurological company's deal is now listed as "day-to-day" on the SEC's website. The two deals that have priced - delivery/imaging play Acusphere (ACUS) and delivery company Advancis (AVNC) - both closed the week well below their offering prices. ACUS priced at $14 and closed Friday at $9.83; AVNC priced at $10 and closed at $8.90.

Jonathan Gertler, managing director and head of healthcare investment banking at Adams Harkness & Hill, still sees good demand for quality biotech paper - both follow-ons and IPOs - despite the lack of appetite for the first few IPOs. "Obviously the initial biotech offerings haven't outperformed, and they haven't clearly demonstrated the appetite for biotech issues," he said. ...