* Trading on Nasdaq under symbol "ANTH"
NEW YORK, March 1 (Reuters) - Shares in biopharmaceutical company Anthera Pharmaceuticals Inc (ANTH.O) opened above their initial public offering price on Monday, in a postponed and downsized deal.
Anthera is developing drugs for diseases associated with inflammation including cardiovascular and autoimmune diseases. It currently has three drugs in clinical programs.
Shares of the Hayward, California-based company opened at $7.33 on the Nasdaq, 4.7 percent above their IPO price. They later pared their gains slightly to be up 3.4 percent at $7.24 in late morning trade.
Anthera earlier on Monday sold 6 million shares for $7 each, raising about $42 million. The IPO price and number of shares sold matched new terms the company set on Friday.
It had originally planned to sell 4.61 million shares for between $13 and $15 each, which, at the midpoint would have raised 35 percent more. The IPO had originally been expected to price and debut last week.
IPOs have struggled with a volatile market and investor uncertainty over the past several months and many deals have been reduced, postponed or canceled .
Anthera has lost money every year since it was formed in September 2004. It said in a regulatory filing that it expects significant and increasing losses in the foreseeable future. As of Dec. 31, Anthera has an accumulated deficit of $65.2 million.
The company said it would use proceeds from the IPO for drug development and general corporate purposes. It said it has licensing agreements with Eli Lilly and Co (LLY.N), Shionogi & Co Ltd (4507.T) and Amgen Inc (AMGN.O) and owes them associated milestone and royalty payments.
Major shareholders in Anthera include VantagePoint Venture Partners and Sofinnova Venture Partners. The underwriters were led by Deutsche Bank Securities.
source: http://www.reuters.com
We collect videos & images from online sites like youtube and some other websites which provide them. And most of the News is also gathered from other online websites. Any material downloaded or otherwise obtained through the use of the service is done at your own discretion and risk and that you will be solely responsible for any damage to your computer system or loss of data that results from the download of any such material.
If you feel that the content on the site is illegal or Privacy please contact us at srinuchalla@gmail.com and such videos, images or any Content will be removed with immediate effect.
No comments:
Post a Comment