Molecular Insight IPO on tap next week |
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Fri, 26 Jan 2007 21:05
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NEW YORK (AFX) - Molecular Insight Pharmaceuticals Inc. is expected to go public next week, offering 5 million shares at a price range between $14 and $16 per share.The Cambridge, Mass.-based biopharmaceutical company expects proceeds of $67 million, or $77 million, if underwriters exercise their right to an additional 750,000 shares. The figure assumes a debut price of $15, the halfway mark in the estimated range.Molecular Insight said it will use about $21 million of the proceeds to expand clinical development of its lead targeted radiotherapeutic cancer treatment candidates. An additional $23 million will go to the development of its molecular imaging agent Zemiva and another $4 million will go toward manufacturing capacity for Zemiva. The remainder will go toward in-licensing technology, advance preclinical candidates, research and development, and general corporate activities.The company is developing Azedra and Onalta, both radiotherapeutic treatments aimed at treating neuroendocrine tumors. Both products have Orphan Drug status from the Food and Drug Administration and Azedra has Fast Track status. Zemiva is the company's lead molecular imaging product, aimed at diagnosing carida ischemia, or insufficient blood flow to the heart.Other products include Solazed, another radiotherapeutic, and three products in preclinical development.Molecular Insight's competition includes both pharmaceutical and biotechnology companies. It will be up against Bristol-Myers Squibb, for example, which also makes imaging products.RBC Capital Markets and Jefferies & Co. are the joint book-running managers for the offer. Molecular Insight said it expects to have its common stock listed as 'MIPI' on the Nasdaq.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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