BioCentury
ARTICLE | Finance

Ebb & Flow

August 25, 2003 7:00 AM UTC

Unlike four IPO hopefuls that were already in the queue before last week, Pharmion did not do a private equity top-off round. But NitroMed did hit up its VCs prior to filing for its $100 million IPO on Thursday, raising $20 million on Aug. 1 in another tranche of a series E round.

With the proceeds from the top-off round, NitroMed had pro forma June 30 cash of $38.7 million, or more than three years of money at current spending rates. The company posted an operating loss of $6.1 million in the first half of 2003. ...