The life sciences are on a roll in San Diego, as more companies line up to go public. We have the latest on local IPOs, along with the rest of the local industry news.
—Healthcare IPOs are back, according to EY’s U.S. IPO Insights Report. The quarterly report issued by the firm previously known as Ernst & Young says healthcare was the most active industry sector during the third quarter, with 21 healthcare IPOs generating more than $2.4 billion in proceeds. The cumulative total for all types of IPOs throughout the country so far this year is 160, a number that already surpasses the 137 IPOs for the entire year of 2012. It is the highest volume since 2007.
—Speaking of IPOs, San Diego’s Evoke Pharma (NASDAQ: EVOK) began trading Wednesday, opening at $11.15 after pricing 2.1 million shares of its common stock at $12, the low end of the expected range of $12 to $14, and yielding an initial market cap of roughly $69 million. Investors include Domain Associates, Latterell Venture Partners, and Windamere Venture Partners. Evoke shares closed at $11.70 in regular trading today. One extraordinary aspect of the offering is that Evoke has only two full-time employees, and has outsourced development of its only product, a new formulation of metoclopramide as a nasal spray for treating symptoms associated with acute and recurrent diabetic gastroparesis.
—Biocept, a San Diego company with technology for collecting and analyzing circulating tumor cells, said in a filing disclosed earlier this week that it looks to raise as much as $23 million in an initial public offering. Biocept was founded in 1997, and plans to list on the Nasdaq market under the symbol BIOC. Renaissance Capital said Biocept submitted its plans for an IPO confidentially on August 19.
—San Diego-based PatientSafe Solutions, which provides technology that helps improve nursing care, said it has raised an additional $7 million from EDBI, the investment arm of the Singapore Economic development Board. With this latest cash, Patient Safe has raised a … Next Page »