The Day In Review: Biotech IPOs Get Chilly Reception
4/12/2006 6:36:21 PM
April 12, 2006 – Vanda Pharma completed its IPO, placing 5.75 million shares at $10 each, down from the original $12 to $14 range, and traded lower in the open market; Targacept also moved lower after accepting a lower price, dropping to $9 from a $12 to $14 range; Alnylam is in a research deal with the US Army to develop therapeutics for five viruses; Accentia received fast track status for SinuNase, a chronic sinusitis drug candidate; American Pharma received FDA approval for a generic form of Novantrone, a prostate cancer drug; the Genentech juggernaut kept rolling with a request for approval of Avastin as a first-line treatment of lung cancer; Labopharm reported positive data for a long-acting form of its arthritis pain drug, tramadol; and Infinity Pharma will execute a reverse merger with Discovery Partners International. The Centient Biotech 200™ dropped another 27 points to 3800.32, a loss of .71%. More details...