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Ebb & Flow

Cumberland Pharmaceuticals Inc. is hoping to capitalize on both the market upswing and the June FDA approval of its Caldolor IV ibuprofen to get an IPO out the door.

The last substantial IPO was almost a year and a half ago, when Italian oncology play MolMed S.p.A. (Milan:MLM) raised $85 million in February 2008.

Cumberland launched its road show last Thursday and is hoping to price about Monday, Aug. 10. In a July filing after the Caldolor approval, the specialty pharma bumped up its range to $19-$21 from $14-$16 in a May filing. It also reduced the number of shares to 5 million from 6.3 million.

At the new mid-range, Cumberland would raise $100 million and be valued at $341.8 million. At the old mid-range, it would have raised $93.8 million and been valued at $267.6 million. The underwriters are UBS; Jefferies; Wells Fargo; and Morgan Joseph.

Biotech industry insiders are watching the offering, but with qualified interest since Cumberland is a specialty pharma and not a development stage biotech.

One late-stage company already in the queue has updated its S1: inflammation and CNS company Omeros Corp. Its lead candidate is OMS103HP, a lyophilized anti-inflammatory product that is perfused through the joint. OMS103HP is in Phase III trials for use during arthroscopic surgery to improve postoperative joint function and reduce postoperative pain, with an NDA slated for 2H10.

Meanwhile, two other

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