(Page 2 of 3)
drug intended to treat benign prostate enlargement, had intended to sell 5 million shares of its stock at $13 per share. But the company was forced to flip the terms of its IPO to instead offer 13 million shares at $5 a share—and lost over 10 percent in first-day trading. Why was there resistance? In a phone call earlier this week, John McCamant of the Berkeley, CA-based Medical Technology Stock Letter attributed the biotech’s difficulties to indifference on Wall Street. “They’re all in the Hamptons,” McCamant told me. Sophiris closed yesterday at $4.77 a share.
—San Diego-based Fate Therapeutics, which is developing therapies based on adult stem cell modulators, registered to become a public company through an IPO. In a regulatory filing, the company outlined its plans to raise as much as $69 million, although Fate said the number of shares to be offered and the price range for the offering have not been determined.
—In his BioBeat column, Luke updated his list of the life sciences Twitterati—the people who contribute in a meaningful way to the Twitter stream of consciousness that he follows for news, gossip, and insights in healthcare, biotechnology, medical devices, and related fields.
— San Diego-based Sequenom (NASDAQ: SQNM), which specializes in molecular diagnostics and genetic analysis, said it would lay off 75 employees, or nearly 13 percent of its workforce, as part of a cost-cutting plan. The layoffs are part of a cost-cutting reorganization the company is undertaking after incurring … Next Page »