San Diego Life Sciences Roundup: Fate, Ligand, BioNano, and More
The fate of Fate Therapeutics’ IPO has stirred speculation that the IPO window for life sciences companies may be closing. Forward Ventures’ Standish Fleming also offered some thoughts on biotech IPOs, and we have the rest of San Diego’s life sciences news here.
—San Diego’s Fate Therapeutics (NASDAQ: FATE) made its debut as a public company Tuesday, after pricing its IPO at $6 a share, at the low end of its revised range of $6 to $8 a share. The biopharma is focused on developing drugs that enhance the therapeutic potential of adult stem cells to treat orphan diseases, such as certain blood cancers and lysosomal storage disorders. Fate said a month ago it planned to sell 4.6 million shares at $14 to $16 a share, but the new stock offering got a cold reception on Wall Street—and Fierce Biotech Editor John Carroll declared it had flopped. Fate had to lower its price by 57 percent and increase the number of shares offered by 31 percent. Fate closed in regular trading yesterday at $6.90 a share.
—San Diego’s BioNano Genomics raised $10 million in venture financing from Domain Associates, Battelle Ventures, and Gund Investment Corp. to advance commercialization of its long-strand gene sequencing technology. BioNano Genomics said its Irys System provides deeper insights into structural variations of the native genome.
—The Algae Biomass Organization, a non-profit industry group based in Minnesota, ended its annual Algae Biomass Summit yesterday in Orlando, FL, and announced that its 2014 summit will be held in San Diego. CleanTech San Diego board member Glenn Mosier tweeted the news.
—Phil Baran, a 36-year-old professor of organic chemistry at The Scripps Research Institute and a co-founder of … Next Page »