Adnexus Therapeutics plans IPO |
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Tue, 21 Aug 2007 22:42
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NEW YORK (AP) - Biotechnology company Adnexus Therapeutics Inc. plans an initial public offering of common stock, according to a regulatory filing Tuesday with the Securities and Exchange Commission.The company did not disclose the expected number or price range of shares to be offered, but indicated the offering price could total up to $86.3 million.Adnexus is developing a drug class called Adnectins by using a proprietary protein engineering system called PROfusion. The company's first Adnectin -- Angiocept, is designed to prevent the formation of new blood vessels in tumors.Adnectin is in early clinical trials in the U.S. in cancer patients. The company expects to begin mid-stage trials in the first quarter of 2008.Adnexus has an alliance with Bristol-Myers Squibb, under which it is eligible to receive certain milestone payments.For the six months ended June 30, Adnexus widened its loss attributable to common stockholders to $11.9 million, from $5.4 million in the prior-year period. During the same six-month period, the company boosted revenue from its strategic alliances to $2.8 million, from $125,000.Adnexus plans to use most of the net proceeds from the offering to fund clinical development activities for Angiocept and to support research and development of other product candidates. Additional proceeds will be used for working capital and other general corporate purposes.The Waltham, Mass.-based company noted that the total offering price was estimated solely to calculate its registration fee and may change.Lehman Brothers and UBS Securities are the IPO's lead underwriters. Cowen and Co. and Lazard Capital Markets are also underwriting the offering.Adnexus plans to list its shares on the Nasdaq Stock Market under the symbol 'ADNX.'Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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