Cancer play Cerulean sets IPO terms

Cerulean Pharma Inc. (Cambridge, Mass.) amended its IPO on NASDAQ and now plans to sell 5 million shares at $11-$13. At the $12 midpoint, the company would raise $60 million and be valued at $171.7 million. Cerulean filed to raise up to $75 million in the offering earlier this month. Leerink; Canaccord; JMP Securities; and Wedbush PacGrow are underwriters.

Cerulean's CRLX101 is in a Phase II trial in ovarian cancer patients who had progressed on prior lines of cytotoxic chemotherapy; in Phase Ib/II testing for relapsed renal cell carcinoma (RCC), with a Phase II trial slated to start next half; and in Phase Ib/II testing for neoadjuvant rectal cancer. ...