Anacor Pharmaceuticals to go public |
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Fri, 31 Aug 2007 23:18
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NEW YORK (AP) - Biopharmaceutical company Anacor Pharmaceuticals Inc. said Friday it plans an initial public offering of its common stock for the primary purpose of funding its research and development activities.In a filing with the Securities and Exchange Commission, the Palo Alto, Calif.-based company did not disclose the number or expected price range of the shares to be offered, but indicated that the maximum offering price could total $57.5 million.The company noted this figure was estimated solely for the purpose of calculating the registration fee and may change.Anacor focuses on developing novel small-molecule therapeutics derived from boron-based compounds. Initially, the company has focused on developing topical applications of its compounds to treat fungal, bacterial and inflammatory diseases.According to the filing, the company's primary purposes of the offering are to fund its research and development activities, including preclinical studies and clinical trials, and for general corporate purposes. A portion of the proceeds may also be used for the acquisition of, or investment in, complementary technologies, products or companies.For the six months ended June 30, Anacor reported a loss of $5.4 million, compared with a loss of $9 million in the first half of 2006. Revenue for the period reached $9.3 million, compared with $308,000 in the first six months of last year.Morgan Stanley, Cowen & Co., Pacific Growth Equities LLC and Needham & Co. LLC are listed as the underwriters of the offering.Anacor plans to list its shares on the Nasdaq Global Market under the symbol 'ANAC.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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