Cerulean raises $59.5 million in IPO

Cerulean Pharma Inc. (NASDAQ:CERU) raised $59.5 million in an IPO through a bumped-up number of shares below its proposed price range. The company sold 8.5 million shares at $7, which values Cerulean at $133.1 million. Last month, Cerulean said it planned to sell 5 million shares at $11-$13. Leerink; Canaccord; JMP Securities; and Wedbush PacGrow are underwriters. Cerulean was down $0.15 to $6.85 on its first day trading Thursday.

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. ...