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Pacira Raises $42M in IPO

Pacira Pharmaceuticals, which is based in Parsippany, NJ, and San Diego, lowered its expected IPO price to $7 a share, according to a regulatory filing yesterday. Pacira is awaiting FDA approvaly for its injectable, extended-release analgesic drug, which was originally developed by San Diego-based DepoTech. The company raised a total of $42 million in its initial public offering. Pacira, which also has an office in New Jersey, had initially planned to sell 4.25 million shares at a range of $14 to $16 a share. Pacira plans to list on the NASDAQ under the symbol PCRX.